Central Banking after the Crisis: Brave New World or Back to the Future?

Emmanuel Carré, Jézabel Couppey-Soubeyran, Dominique Plihon () and Marc Pourroy
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Dominique Plihon: Centre d'Economie de Paris Nord

Documents de travail du Centre d'Economie de la Sorbonne from Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne

Abstract: This paper provides a snapshot of the current state of central banking doctrine in the aftermath of the crisis, using data from a questionnaire produced in 2011 and sent to central bankers (from 13 countries plus the euro zone) and economists (31) for a report by the French Council of Economic Analysis to the Prime Minister. The results of our analysis of the replies to the questionnaire are twofold. First, we show that the financial crisis has led to some amendments of pre-crisis central banking. We highlight that respondents to the questionnaire agree on the general principle of a ‘broader’ view of central banking extended to financial stability. Nevertheless, central bankers and economists diverge or give inconsistent answers about the details of implementation of this ‘broader’ view. Therefore, the devil is once again in the details. We point out that because of central bankers' conservatism, a return to the status quo cannot be excluded

Keywords: Central banking; financial crisis; financial stability; macroprudential; financial supervision architecture (search for similar items in EconPapers)
JEL-codes: E44 E52 G01 G18 (search for similar items in EconPapers)
Pages: 21 pages
Date: 2013-10
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:mse:cesdoc:13073

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