The new art of central banking
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Bibliographic Information
The new art of central banking
Macmillan, 1991
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Note
Bibliography: p. 234-244
Includes indexes
Description and Table of Contents
Description
Central banking is being turned upside down by innovations such as securitization, complex options dealings and Euro-asset transactions that are denationalizing money and making it impossible for central banks to regulate costs of capital. Nor can central banks modulate business cycles in open economies; study of banking policy and business fluctuations suggests that the 'real' importance of bank-credit changes has long been exaggerated. The new art of central banking may culminate in masterly inactivity.
Table of Contents
PART 1: FOUNDATIONS OF THE NEW ART OF CENTRAL BANKING - Introduction - The Theory of Monetary Standards applied to Pan-European Money and Monetary Control - The Modus Operandi of Bank Rate reconsidered - Innovated Payments Systems - A Monetary Analysis of Public Debt - A More Formal Analysis Linking Chapters 2 and 5 - PART 2: MONEY AND TRADE CYCLES OVER TWO MILLENIA: RETROSPECTIVE AND PROSPECTIVE VIEWS OF CENTRAL BANKING - Preliminaries: Physical and Monetary(?) Foundations of Cyclical Action - Implications of Empirical Properties of a Hypothetical Open Economy - Some Theory of Innovated Open Financial Networks - Banking Policy and Economic Fluctuations - Some Classical Economics: Monetary Features of Trade Fluctuations in Ancient Rome - Conclusion - Bibliography - Index
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