Description
Oxford Central Banking in Turbulent Times 2018 Edition by Francesco Papadia, Tuomas Valimaki
Central banks came out of the Great Recession with increased power and responsibilities. Indeed, central banks are often now seen as 'the only game in town', and a place to put innumerable problems vastly exceeding their traditional remit. These new powers do not fit well, however, with the independence of central banks, remote from the democratic control of government._x000D__x000D_Central Banking in Turbulent Times examines fundamental questions about the central banking system, asking whether the model of an independent central bank devoted to price stability is the final resting point of a complex development that started centuries ago. It dissects the hypothesis that the Great Recession has prompted a reassessment of that model; a renewed emphasis on financial stability has emerged, possibly vying for first rank in the hierarchy of objectives of central_x000D_banks. This raises the risk of dilemmas, since the Great Recession brought into question implicit assumptions that the pursuit of price stability would also lead to financial stability. In addition, the border between monetary and fiscal policy was blurred both in the US and in Europe. Central Banking in Turbulent_x000D_Times asks whether the model prevailing before the Great Recession has been irrevocably altered. Are we entering, as Charles Goodhart has hypothesized, into the 'fourth epoch' of central banking? Are changes to central banks part of a move away from the global liberal order that seemed to have prevailed at the turn of the century? Central Banking in Turbulent Times seeks to answer these questions as it examines how changes can allow for the maintenance of price stability,_x000D_while adapting to the long-term consequences of the Great Recession._x000D_ Table of Contents :- _x000D_
Introduction_x000D_
1. Central banking before the Great Recession_x000D_
1.1: Changing nature and objectives of central banks_x000D_
1.2: Dominant central bank model before the crisis_x000D_
1.3: The unsettled issue of financial stability_x000D_
1.4: Planting the seeds of the Great Recession: macroeconomic, regulatory, supervisory, and intellectual aspects_x000D_
2. Central banking during the Great Recession_x000D_
2.1: Monetary Policy_x000D_
2.2: Financial Stability_x000D_
3. Central banking after the Great Recession_x000D_
3.1: Hits to the pre-crisis central bank model_x000D_
3.2: Was the pre Great Recession central banking model jeopardized?_x000D_
3.3: Strategic and operational issues_x000D_
3.4: Central banks in a new regulatory and supervisory landscape_x000D_
3.5: How wide will the scope of responsibilities of central banks be?_x000D_
3.6: Possible adaptations to the central banks model_x000D_