Second MIT Press paperback edition, 1999

The future of central banking:

provide a nominal anchor for monetary policy, while allowing the central bank some flexibility to help stabilize the real economy in the short run. The inflation-targeting approach gives a specific answer to the question of how central bankers should respond to asset prices: Changes in asset prices should

* Currently European Central Bank. Research completed while at Bank of England.

concerning certain statistical reporting requirements of the European Central Bank and the procedures for reporting by the national central banks of statistical information in the field of money and banking statistics

The Reaction of central banks to Stock Markets

The recent financial crisis has drawn attention to the interactions between monetary and fiscal policies and their potential implications for central bank independence. I focus on aspects of these interactions. First, is central bank independence meaningless with fiscal acquiescence? And does

This paper primarily aims to investigate the concept of central bank independence as it is stated in the literature. Following the theoretical approach, the true meaning of central bank independence is evaluated with special reference to the Deutsche Bundesbank, considering its well

of the IMF. The views expressed in this Note are those of the authors and do not necessarily represent those of the IMF or IMF policy. JEL Classification Numbers: Keywords:

This paper analyses the role of the central bank in the modern world, focusing in particular on its involvement in the payments and …nancial systems. I provide an overview of the functions of central banks. I then focus on the role of the central banks in promoting an e ¢ cient payments system