On the Long and Short of Central Bank Independence, Policy Coordination, and Economic Performance PDF Download
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Author: Mr.Alberto Musalem Borrero
Publisher: INTERNATIONAL MONETARY FUND
ISBN: 9781451843743
Category : Business & Economics
Languages : en
Pages : 0
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Book Description
This paper examines the implications of central bank independence for equilibrium macroeconomic performance. The focus is on institutional arrangements governing financial relationships between central banks and ministries of finance, in the presence of competing objectives and constraints across institutions. Abstracting from long-run considerations, higher central bank independence increases fiscal discipline and results in lower inflation and growth, generating a short-run institutional Phillips curve. In the presence of sufficiently strong negative long-run externalities of inflation onto growth, higher CBI also increases fiscal discipline and generates lower inflation, however, it also yields higher growth and generates an inverted institutional Phillips curve. Strikingly, higher central bank independence is found to be frequently sub-optimal for a wide set of stylized economies. Whether these economies are empirically relevant is an open question.
Author: Mr.Alberto Musalem Borrero
Publisher: INTERNATIONAL MONETARY FUND
ISBN: 9781451843743
Category : Business & Economics
Languages : en
Pages : 0
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Book Description
This paper examines the implications of central bank independence for equilibrium macroeconomic performance. The focus is on institutional arrangements governing financial relationships between central banks and ministries of finance, in the presence of competing objectives and constraints across institutions. Abstracting from long-run considerations, higher central bank independence increases fiscal discipline and results in lower inflation and growth, generating a short-run institutional Phillips curve. In the presence of sufficiently strong negative long-run externalities of inflation onto growth, higher CBI also increases fiscal discipline and generates lower inflation, however, it also yields higher growth and generates an inverted institutional Phillips curve. Strikingly, higher central bank independence is found to be frequently sub-optimal for a wide set of stylized economies. Whether these economies are empirically relevant is an open question.
Author: Alberto Musalen Borrero
Publisher:
ISBN:
Category :
Languages : es
Pages : 24
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Book Description
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
The International Monetary Fund (IMF) presents the full text of the February 2001 paper entitled "On the Long and Short of Central Bank Independence, Policy Coordination, and Economic Performance," prepared by Alberto Musalem Borrero. The text is available in PDF format. This paper discusses the implications of central bank independence for equilibrium macroeconomic performance, focusing on institutional arrangements governing financial relationships between central banks and ministries of finance.
Author: Gerald Epstein
Publisher: Edward Elgar Publishing
ISBN: 1788978412
Category : Business & Economics
Languages : en
Pages : 576
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Book Description
Central banks are among the most powerful government economic institutions in the world. This volume explores the economic and political contours of the struggle for influence over the policies of central banks such as the Federal Reserve, and the implications of this struggle for economic performance and the distribution of wealth and power in society.
Author: Board of Governors of the Federal Reserve System
Publisher:
ISBN: 9780894991967
Category : Banks and Banking
Languages : en
Pages : 0
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Book Description
Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1451844239
Category : Business & Economics
Languages : en
Pages : 33
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Book Description
Recently, monetary authorities have increasingly focused on implementing policies to ensure price stability and strengthen central bank independence. Simultaneously, in the fiscal area, market development has allowed public debt managers to focus more on cost minimization. This “divorce” of monetary and debt management functions in no way lessens the need for effective coordination of monetary and fiscal policy if overall economic performance is to be optimized and maintained in the long term. This paper analyzes these issues based on a review of the relevant literature and of country experiences from an institutional and operational perspective.
Author: Sylvester C. W. Eijffinger
Publisher: International Finance Section Department of Econ Ton Univers
ISBN:
Category : Business & Economics
Languages : en
Pages : 100
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Book Description
Author: Otmar Issing
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 42
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Book Description
Central bank independence is now a major issue in debates about institutional reforms designed to improve economic performance. Professor Issing's paper is notable for its scholarly discussion of the meaning of 'independence' and his analysis of its effects. Moreover, because of his position inside the Bundesbank which is among the most independent of central banks and which provides a model for the constitution of the proposed European Central Bank he writes with a degree of expertise not available to most authors. Interest in central bank independence arose from the world-wide acceleration of inflation in the 1 970s which stimulated interest in means of 'anchoring' anti-inflation policy. Germany was in advance of other countries in recognising the importance of price stability and es-tablishing an institution to produce it, making the Bundesbank independent in 1957. Professor Issing argues that when independence is coupled with a price stability objective, economic performance appears to improve. Not only is inflation lower, but there is evidence that real growth is higher. In his view, central bank independence comes 'top of the list' of institutional arrangements designed to safeguard the stability of money.
Author: Stan Du Plessis
Publisher: Cambridge University Press
ISBN: 1108621341
Category : Business & Economics
Languages : en
Pages : 362
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Book Description
Central bank independence has become one of the most widely accepted tenets of modern monetary policy. According to this view, the main role of independent central banks is to maintain price stability through the adjustment of short-term interest rates. Reconsidering Central Bank Independence argues that the global financial crisis has undermined confidence in this view as central banks increasingly have to address concerns other than price stability, such as financial stability, the need for output recovery and other broader policy goals. Large balance-sheet expansion by central banks followed the global financial crisis, which overlapped considerably with the financial policy of their respective governments. Exploring the consequences of this shift to a more diverse set of policy challenges, this book calls for a return to the consensus role for central banks and analyses what this might mean for their future independence.
Author: Jean-Philippe Touffut
Publisher: Edward Elgar Publishing
ISBN: 1848445180
Category : Business & Economics
Languages : en
Pages : 233
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Book Description
Theories and practices in central banking and monetary policy have changed radically over recent decades with independence and inflation targeting as the new keywords. This book offers interesting perspectives on the drivers of this development and its implication. It addresses contemporary questions on accountability, transparency and objectives for monetary policy as well as current policy problems related to globalization and financial imbalances. The book is topical, insightful and well written a must for everybody with an interest in central banking and monetary policy. Torben M. Andersen, University of Aarhus, Denmark The number of central banks in the world is approaching 180, a tenfold increase since the beginning of the twentieth century. What lies behind the spread of this economic institution? What underlying process has brought central banks to hold such a key role in economic life today? This book examines from a transatlantic perspective how the central bank has become the bank of banks. Thirteen distinguished economists and central bankers have been brought together to evaluate how central banks work, arrive at their policies, choose their instruments and gauge their success in managing economies, both in times of crisis and periods of growth. Central banks have gained greater independence from government control over the last 20 years. This widespread trend throws up new questions regarding the foundations, prerogatives and future of this economic institution. This book provides a better understanding of the current financial crisis through the in-depth study of the central bank. Researchers in the fields of monetary theory, monetary policy and central banking will find this volume of great interest. It will also appeal to students of economics, political economy, banking and finance, as well as economists, academics, and public policy advisers and analysts.
