Evolution and Procedures in Central Banking [Paperback]

The articles in this volume are collectively about shedding light on central banks as institutions.The articles in this volume are collectively about shedding light on central banks as institutions: how modern central banks have come to be what they are, what their objectives ought to be, how central banks ought to behave in order to best achieve those objectives, and what kinds of challenges such institutions might face in the twenty-first century. The articles tackle these issues in a variety of ways, combining historical observation with economic theory, and even laboratory experimentation.The articles in this volume are collectively about shedding light on central banks as institutions: how modern central banks have come to be what they are, what their objectives ought to be, how central banks ought to behave in order to best achieve those objectives, and what kinds of challenges such institutions might face in the twenty-first century. The articles tackle these issues in a variety of ways, combining historical observation with economic theory, and even laboratory experimentation.The contributions in this volume reveal much about the institutional nature of central banks. They analyze the banks' growth and development as well as desired objectives and challenges in the future. The articles tackle the issues in a variety of ways, combining historical observation with economic theory and experimentation.List of contributors; Acknowledgements; In memoriam; Introduction; Part I. Operational Issues in Modern Central Banking: 1. Laboratory experiments with an exceptional Phillips curve Jasmina Arifovic and Thomas J. Sargent; Commentary James Bullard and Christopher A. Sims; 2. Whither central banking? Charles Goodhart; Commentary Donald L. Kohn and Mark Gertler; Part II. Monetary Union: 3. Monetary policy in unknown territory: the European Central Bank in the early years J?rgen von Hagen and Matthias Br?ckner; Commentary Stephen G. Cecchetti and Vitor Gaspar; 4. Inló$