Go to Top

Central banks: Evolution and innovation in historical perspective

Bordo, Michael, Siklos, Pierre, (2017), «Central banks: Evolution and innovation in historical perspective», VoxEU, 17 Οκτωβρίου

The role of central banks in monetary policy and financial stability has changed radically over time. This examines the similarities and idiosyncrasies of ten central banks, and also considers how inflation might have looked had the central banks been around earlier, or had they adopted different strategies. While important differences between the narrative and statistical analyses of crises indicate that neither is sufficient on its own, small open economies appear to do comparatively well across the various crisis conditions, and inflation is almost always higher in the absence of an inflation target.

Σχετικές Αναρτήσεις