Central Banking in Turbulent Times

Tuomas Valimaki · Francesco Papadia

sept. 2018 · Tantor Media Inc · Lu par Keith Sellon-Wright

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11 h 17 min

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Central Banking in Turbulent Times examines fundamental questions about the central banking system, asking whether the model of an independent central bank devoted to price stability is the final resting point of a complex development that started centuries ago. It dissects the hypothesis that the Great Recession has prompted a reassessment of that model; a renewed emphasis on financial stability has emerged, possibly vying for first rank in the hierarchy of objectives of central banks. This raises the risk of dilemmas, since the Great Recession brought into question implicit assumptions that the pursuit of price stability would also lead to financial stability. In addition, the border between monetary and fiscal policy was blurred both in the U.S. and in Europe. Central Banking in Turbulent Times asks whether the model prevailing before the Great Recession has been irrevocably altered. Are we entering, as Charles Goodhart has hypothesized, into the "fourth epoch" of central banking? Are changes to central banks part of a move away from the global liberal order that seemed to have prevailed at the turn of the century? Central Banking in Turbulent Times seeks to answer these questions.

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À propos de l'auteur

Tuomas Valimaki is the head of Monetary Policy and Research at the Bank of Finland. As the Bank's chief economist, he is a member of the European Central Bank's Monetary Policy Committee. During his two decades as a central banker, he has also worked as a visiting expert at the European Central Bank.

Francesco Papadia has nearly forty years of central banking experience. He is Chairman of the Board of the Prime Collateralised Securities, Chair of the Selection Panel of the Hellenic Financial Stability Fund, Senior Resident Fellow at the Bruegel Institute, and a university lecturer.

Keith Sellon-Wright is a seasoned professional with a career in Hollywood spanning over thirty years. He has worked with some of Hollywood's seminal directors, including Christopher Guest and Spike Lee. His television credits include Wings, Frasier, Seinfeld, The West Wing, NCIS, Mad Men, and Parks and Recreation.

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