Central bank independence and transparency: Not just cheap talk (Part 1)

Christopher Crowe, Ellen E. Meade, 27 July 2008

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In recent days, French President Nicolas Sarkozy has called for changes that would increase the accountability of the European Central Bank, including the publication of meeting minutes for its Governing Council.1 This and other types of accountability measures are gen

Topics: EU institutions
Tags: Central Banks, ECB, transparency

Central banks, the financial crisis and the threat of inflation

Willem Buiter interviewed by Romesh Vaitilingam, 18 Jul 2008

Willem Buiter talks to Romesh Vaitilingam about the financial crisis, the global cyclical slowdown and the rise of inflation. He discusses central banks’ responses to the credit crunch and calls on them to tighten monetary policy to counter the inflationary threat.

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Topics: Financial markets, Monetary policy
Tags: Central Banks, inflation, subprime crisis

The dangers of increased transparency in monetary policymaking

Ellen E. Meade, David Stasavage, 26 June 2008

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Since the mid-1990s, there has been a trend towards greater transparency in economic policymaking – particularly with respect to monetary policy – and a number of central banks, including Sweden’s Riksbank and Britain’s Bank of England, have adopted a very transparent monetary policy regime known as

Topics: Institutions and economics, Monetary policy
Tags: Central Banks, policymaking, transparency

Central banks’ function to maintain financial stability: An uncompleted task

Charles A.E. Goodhart, 24 June 2008

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The events of the last year have reminded us all that a central bank does not just have one responsibility, that of achieving price stability. It is indeed its first core purpose (CP1); but as the sole institution that can create cash, and hence bank reserve balances, a central bank has a responsibility for acting as the lender of last resort and maintaining financial stability.

Topics: Financial markets, Monetary policy
Tags: Central Banks, financial stability, interest rates, price stability

Why central banking is no longer boring

Guido Tabellini, 23 June 2008

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Until a year ago, central bankers could boast with satisfaction that monetary policy had become boring. A widely shared “best practice” was followed by almost all central banks. Any controversies concerned technical nuances that were really only relevant to professionals in the field. Then came the credit crisis – and all certainties went out the window.

Topics: Monetary policy
Tags: Central Banks, ECB, Federal Reserve, inflation, inflation targetting

Can central banks talk too much?

Camille Cornand, Frank Heinemann, 27 May 2008

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While practitioners in central banks and international institutions agree on the desirability of informative announcements and promote greater transparency on the ground that any information is valuable to markets, recent academic literature argues that public announcements may destabilise markets by generating some overreaction.

Topics: Financial markets, Monetary policy
Tags: Central Banks, publicity, transparency

Can Central Banks Go Broke?

Willem Buiter, 17 May 2008

URL: http://www.cepr.org/pubs/PolicyInsights/CEPR_Policy_Insight_024.asp
Topics: Financial markets, Monetary policy
Tags: Central Banks, subprime crisis

Buiter’s warning: Who is the recapitaliser of last resort for the ECB?

Richard Baldwin, 8 May 2010

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The Fed, Bank of England and ECB have recently loaned money to banks against collateral that is riskier than usual – including mortgage-backed securities that are at the heart of the current crisis. Since some of these loans could go bad, questions arise: Can the central bank go broke? Who would recapitalise it if it did?

Topics: Financial markets, Monetary policy
Tags: Bank of England, Bank of Japan, Central Bank of Iceland, Central Banks, ECB, Federal Reserve, subprime crisis

What we know and what we would like to know about central bank communication

Alan S. Blinder, Michael Ehrmann, Marcel Fratzscher, Jakob de Haan, David-Jan Jansen, 15 May 2008

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Central banks used to be shrouded in mystery – and believed they should be.1 A few decades ago, conventional wisdom in central banking circles held that monetary policymakers should say as little as possible and say it cryptically. Over recent years, the understanding of central bank transparency and communication has changed dramatically.

Topics: Monetary policy
Tags: Central Banks, communications, transparency

Avoiding Disorderly Deleveraging

Luigi Spaventa, 7 May 2008

URL: http://www.cepr.org/pubs/PolicyInsights/CEPR_Policy_Insight_022.asp
Topics: Financial markets
Tags: Central Banks, deleveraging, subprime crisis

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