The phenomenal increase in bank reserves that has resulted from central bank responses to the current financial crisis has led to considerable anxiety regarding a potentially explosive and uncontrollable future increase in inflation.
Central Bank reserve creation in the era of negative money multipliers
Manmohan Singh, Peter Stella, 7 May 2012
Central banks and gold puzzles
Joshua Aizenman, Kenta Inoue, 19 March 2012
On 7 August 2009, the European Central Bank released the following Joint Statement on Gold:
The role of central banks in financial stability: How has it changed?
Willem Buiter, 16 January 2012
Vox readers can download CEPR Discussion Paper 8780 for free here.
Topics: EU institutions, Financial markets, Global crisis, Global economy, Institutions and economics, Macroeconomic policy, Monetary policy, Politics and economics
Tags: accountability, Central Banks, financial stability, global crisis, unorthodox monetary policy
Central banks’ voting records and future policy
Kateřina Šmídková, Jan Zapal, Roman Horváth, 13 November 2011
Monetary-policy transparency has several dimensions, such as volume, quality, and timeliness of disclosed information. Transparency-cautious central banks typically release the voting records from monetary-policy meetings together with the minutes.
When markets freeze: Tobin’s q and QE
Marcus Miller, John Driffill, 27 September 2011
The economies of the North Atlantic look in poor shape. But it could be worse. Central banks have been doing their best to save capitalism from its own self-fulfilling fears, using the policy of quantitative easing to take frozen assets onto their balance sheets until confidence returns. Why they are doing this – and why it matters – can best be seen in the light of history.
Procyclical bank risk-taking and the lender of last resort
Mark Mink, 31 August 2011
Since the outbreak of the global financial crisis in 2007, and particularly since the bankruptcy of Lehman brothers in September 2008, central banks in their roles as lenders of last resort have provided large-scale liquidity support not only to individual banks, but also to the banking sector as a whole. As President Trichet of the European Central Bank explained in November 2009:
A balance sheet view on TARGET – and why restrictions on TARGET would have hit Germany first
Clemens Jobst, 19 July 2011
Shell game: Zero-interest policies as hidden subsidies to bank
Axel Leijonhufvud, 25 January 2011
The two pioneers of modern monetary economics – Irving Fisher and Knut Wicksell – were passionately concerned to find monetary arrangements that would insure against arbitrary redistributions of income and wealth. They saw such distributive effects as offenses against social justice and consequently as a threat to social and political stability.
Money market freezes and central banks
Max Bruche, Javier Suarez, 7 January 2011
During the peak of the crisis in autumn 2008, spreads in money markets rose sharply and volumes contracted, forcing many banks into difficulties with their standard liquidity management and refinancing strategies.
Sense and nonsense in the quantitative easing debate
John H Cochrane, 7 December 2010
In November, the Fed started its new “quantitative easing programme”. The Fed will buy up to $600 billion in long-term government bonds, putting $600 billion of extra money in the economy. Defenders think this is the key to reducing unemployment and breaking the economy out of its doldrums.
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