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Status:
Available5.0
16 reviews
ISBN-10 : 1138496715
ISBN-13 : 9781138496712
Author: Livio Stracca
This book offers a comprehensive analysis of central banks, and aims to demystify them for the general public, which is the only way to have a rational debate about them and ultimately to make them truly accountable. The book originates from the author’s graduate lectures on Central Banking at the University of Frankfurt J.W. Goethe. It contains an overview of all the key questions surrounding central banks and their role in the economy. It leads the reader from the more established concepts (including monetary theory and historical experience), necessary to have a good grasp of modern central banking, to the more open and problematic questions, which are being debated within academic and financial market circles. This structure enables readers without specific knowledge of central banks or monetary economics to understand the current challenges. The book has three defining characteristics, which set it apart from competing titles: first, it is pitched at the general public and uses simple and entertaining language. Second, it is rooted in, and makes frequent reference to, recent academic research, based on content for a graduate level course. Third, the author thinks 'out of the box' in order to describe the possible evolution of central banks (including the prospect of their disappearance), and not only the status quo.
1. Money and central banks
The inefficiency of barter
Key functions of money
Commodity monies
Fiat money
An ideal solution to the inefficiency of barter: a ledger of transactions
Evil is the root of all money
Characteristics of good money
Valuation of money in relation to its quantity
Inside and outside money
Hierarchies of money
The demise of commodity money and the rise of fiat money and central banks
The fall of the Gold Standard
Why did the Gold Standard collapse?
The quantity theory of money is an empirical question, not a general law
Monetary policy under commodity and fiat money
A plan of the book
Notes
2. How monetary policy works: the mainstream model
Exit Bretton Woods, enter fiat money
A very, very non-technical description of the mainstream approach
The LM curve: money demand
Price level determination under flexible prices
The Taylor principle
The rise of inflation targeting
Sticky prices
The sticky price basic model
Monetary policy under sticky prices
Which price index should the central bank target?
Limitations of inflation targeting
Why a positive inflation target, rather than zero?
Notes
3. Three questions on the mainstream model
Who controls the price level?
The fiscal theory of the price level
Unpleasant monetarist arithmetic
Active and passive fiscal policy
Does the fiscal theory make sense?
Monetary policy in reality: the corridor system
The natural rate hypothesis
Hysteresis
Investment
The death of valuable firms
Optimal monetary policy under hysteresis
Notes
4. The zero lower bound problem
A Gesell tax?
Why didn’t we see it coming?
The peril with Taylor rules
ZLB quaintness
Five ways out of the ZLB
A higher inflation target?
Price level targeting
Non-standard policies
Forward guidance
Quantitative Easing
Helicopter money – or, people’s QE
Credit easing policies
The surprising stability of inflation
The Eisler proposal: De-linking unit of account and means of payment
Notes
5. Financial stability and the lender of last resort function of central banks
What is financial stability?
Credit matters
Credit is largely debt
Credit is largely nominal debt
Financial intermediation
Bank deposits and liquidity creation
Banks have high leverage
Run, run
Bank fragility and liquidity: a necessary trade-off?
Yes, we did it. We’re very sorry. But thanks to you, we won’t do it again.
The lender of last resort (LROR) function
Why central banks?
The Bagehot doctrine
Historical evolution of the LOLR
Why not leave it to the interbank market?
A new question: LROR for non-banks and governments
Debt deflation
The financial accelerator
Bubbles, bubbles
Does financial stability matter for monetary policy more broadly?
First, do no harm
Bernanke vs. Taylor
Notes
6. Will paper currency disappear and will this be a problem?
A primer on e-money and virtual currencies
Should we ditch paper currency?
But is it happening?
A fall in seignorage?
A challenge for monetary control?
The cashless limit
India’s great demonetisation experiment
Notes
7. Will we ever have a global central bank?
The international monetary system
The Bretton Woods conference
Enduring problems of the Bretton Woods order
Exchange rate regimes
Exchange rates as a by-product of (relative) monetary policy
The trilemma
Relative price adjustment in the open economy
Exchange rate pass-through
Exogenous variation in exchange rates?
External adjustment of the balance of payments
External adjustment in the Gold Standard period
External adjustment in the Bretton Woods period
External adjustment post-Bretton Woods
The valuation channel
The normative question: the OCA theory
Does it matter what exchange rate regime is chosen?
There is more to central banking than interest rates and exchange rates
Notes
8. Will central banks disappear?
Different views on the benefit of central banks
The knowledge problem
Is currency competition a force for good?
The problem with currency competition
Is there empirical evidence to bear on this question?
Digital currencies: Hayek’s vindication?
Self-correcting monetary standards
A final look at the data
A final word
the economics of central bank digital currency
the economics of banking
the political economy of central banking
the macroeconomics of central bank digital currencies
the economics of money and banking
Tags: The Economics, Central Banking, Livio Stracca, comprehensive analysis
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