The Future of Central Banking: The Tercentenary Symposium of the Bank of EnglandThis volume contains two major papers prepared for the Bank of England's Tercentenary Symposium in June 1994. The first, by Forrest Capie, Charles Goodhart and Norbert Schnadt, provides an authoritative account of the evolution of central banking. It traces the development of both the monetary and financial stability concerns of central banks, and includes individual sections on the evolution and constitutional positions of 31 central banks from around the world. The second paper, by Stanley Fischer, explores the major policy dilemmas now facing central bankers: the extent to which there is a short-term trade-off between inflation and growth; the choice of inflation targets; and the choice of operating procedures. Important contributions by leading central bankers from around the world, and the related Per Jacobsen lecture by Alexander Lamfalussy, are also included in the volume. |
Contents
Foreword by Eddie George Governor of the Bank of England page | 1 |
United Kingdom | 126 |
Finland | 135 |
Austria | 143 |
Portugal | 151 |
Belgium | 159 |
CHARLES GOODHART | 232 |
Modern central banking | 262 |
Price level zero inflation vs pricelevel targeting | 282 |
Discussion | 309 |
Central banking in transition | 330 |
The philosophy of central banking | 342 |
Remarks by Prime Minister John Major on the opening | 360 |
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appointed Banca d'Italia Banco Central Banco de España Bank Act bank notes Bank of England Bank of Finland Bank's bankers banking system Banque de France Banque Nationale became bills capital cent central bank independence Charles Goodhart charter commercial banks convertibility countries crisis currency decisions Deutsche Bundesbank developed discount rate dynamic inconsistency economic established European Central Banks Evolution of objectives exchange rate Federal Reserve financial system fiscal Fischer foreign exchange Germany goals gold standard Goodhart government's bank Governor growth History increase independent central bank indexation inflation rate institutions interest rates lender of last London ment Minister of Finance monetary authority monetary policy money market Motivation for founding National Bank Norges Bank note issue objectives and functions operations output paper Phillips curve political price level price stability regulation Reichsbank relationship República Reserve Bank responsibility role sector seigniorage short-run short-term trade-off Treasury University Press World Zealand