Central Banking in Turbulent Times

Business & Finance, Economics, Money & Monetary Policy
Cover of the book Central Banking in Turbulent Times by Francesco Papadia, Tuomas Välimäki, OUP Oxford
View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart
Author: Francesco Papadia, Tuomas Välimäki ISBN: 9780192528889
Publisher: OUP Oxford Publication: March 9, 2018
Imprint: OUP Oxford Language: English
Author: Francesco Papadia, Tuomas Välimäki
ISBN: 9780192528889
Publisher: OUP Oxford
Publication: March 9, 2018
Imprint: OUP Oxford
Language: English

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. 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 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 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, while adapting to the long-term consequences of the Great Recession.

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

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. 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 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 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, while adapting to the long-term consequences of the Great Recession.

More books from OUP Oxford

Cover of the book Blackstone's Civil Practice 2013: The Commentary by Francesco Papadia, Tuomas Välimäki
Cover of the book The Reception of the Homeric Hymns by Francesco Papadia, Tuomas Välimäki
Cover of the book Oxford Guide to Metaphors in CBT by Francesco Papadia, Tuomas Välimäki
Cover of the book Horizontal Agreements and Cartels in EU Competition Law by Francesco Papadia, Tuomas Välimäki
Cover of the book Global Governance from Regional Perspectives by Francesco Papadia, Tuomas Välimäki
Cover of the book Towards a Better Global Economy by Francesco Papadia, Tuomas Välimäki
Cover of the book Markets, Governance, and Institutions in the Process of Economic Development by Francesco Papadia, Tuomas Välimäki
Cover of the book Civil Jurisdiction and Judgments in Europe by Francesco Papadia, Tuomas Välimäki
Cover of the book The Access of Individuals to International Justice by Francesco Papadia, Tuomas Välimäki
Cover of the book Literature and the Public Good by Francesco Papadia, Tuomas Välimäki
Cover of the book Testamentary Capacity by Francesco Papadia, Tuomas Välimäki
Cover of the book Myth: A Very Short Introduction by Francesco Papadia, Tuomas Välimäki
Cover of the book The Smart Neanderthal by Francesco Papadia, Tuomas Välimäki
Cover of the book Legal, Moral, and Metaphysical Truths by Francesco Papadia, Tuomas Välimäki
Cover of the book Fascism: A Very Short Introduction by Francesco Papadia, Tuomas Välimäki
We use our own "cookies" and third party cookies to improve services and to see statistical information. By using this website, you agree to our Privacy Policy