The Oxford Handbook of the Economics of Central Banking (Oxford Handbooks)
Author: by David G. Mayes (Editor), Pierre L. Siklos (Editor), Jan-Egbert Sturm (Editor) & 0 more
Publisher: Oxford University Press
Edition: Illustrated
Publication Date: 2019-03-15
Language: English
Print Length: 808 pages
ISBN-10: 0190626194
ISBN-13: 9780190626198
Book Description
The economic influence of central banks has received ever more attention given their centrality during the financial crises that led to the Great Recession, strains in the European Union, and the challenges to the Euro. The Oxford Handbook of the Economics of Central Banking reflects the state of the art in the theory and practice and covers a wide range of topics that will provide insight to students, scholars, and practitioners.
As an up to date reference of the current and potential challenges faced by central banks in the conduct of monetary policy and in the search for the maintenance of financial system stability, this Oxford Handbook covers a wide range of essential issues. The first section provides insights into central bank governance, the differing degrees of central bank independence, and the internal dynamics of their decision making. The next section focuses on questions of whether central banks can ameliorate fiscal burdens, various strategies to affect monetary policy, and how the global financial crisis affected the relationship between the traditional focus on inflation targeting and unconventional policy instruments such as quantitative easing (QE), foreign exchange market interventions, negative interest rates, and forward guidance. The next two sections turn to central bank communications and management of expectations and then mechanisms of policy transmission. The fifth part explores the challenges of recent developments in the economy and debates about the roles central banks should play, focusing on micro- and macro-prudential arguments. The implications of recent developments for policy modeling are covered in the last section. The breadth and depth enhances understanding of the challenges and opportunities facing central banks.
Review
"Written by international scholars and banking-industry professionals, the 24 chapters in this handbook examine multiple aspects of central banking systems in worldwide markets, especially at how those systems have evolved since the global financial crisis of 2007-09. The contributors look at ways that monetary policy interacts with both the financial sector and the real economy by exploring the debate around controlling inflation and other emerging hot topics." -- S. E. Fancher, Ozarks Technical Community College, Choice
About the Author
David G. Mayes was the BNZ Professor of Finance University of Auckland; Director, Europe Institute University of Auckland.
Pierre L. Siklos is Professor of Economics, Wilfrid Laurier University. He is a Senior Fellow of the Centre for International Governance Innovation (CIGI) and a Research Fellow and member of the C.D. Howe Institute's Monetary Policy Council.
Jan-Egbert Sturm is Full Professor of Applied Macroeconomics at the Department of Management, Technology and Economics (D-MTEC) as well as Director of the KOF Swiss Economic Institute at the ETH Zurich.
Pierre L. Siklos is Professor of Economics, Wilfrid Laurier University. He is a Senior Fellow of the Centre for International Governance Innovation (CIGI) and a Research Fellow and member of the C.D. Howe Institute's Monetary Policy Council.
Jan-Egbert Sturm is Full Professor of Applied Macroeconomics at the Department of Management, Technology and Economics (D-MTEC) as well as Director of the KOF Swiss Economic Institute at the ETH Zurich.
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