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Central Bank Design ∗ (2013)
| Citations: | 4 - 0 self |
BibTeX
@MISC{Reis13centralbank,
author = {Ricardo Reis and Anil Kashyap and David Romer and Mike Woodford},
title = {Central Bank Design ∗},
year = {2013}
}
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Abstract
What set of institutions can support the activity of a central bank? This paper summarizes the relevant economic literature that bears on twelve principles in central bank design: (i) the strictness of the banks ’ mandate; (ii) the choice of long-run goals; (iii) the potential role of short-term goals; (iv) the choice of central banker(s); (v) the role of the central bank as a source of revenue; (vi) the importance of having fiscal backing; (vii) the set of assets held by the central bank; (viii) the payment of interest on reserves; (ix) the importance of announcements and commitment to future actions; (x) choosing the amount of transparency; (xi) picking the channel(s) of communication; (xii) the accountability of the central bank. Contact:
