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The New Art of Central Banking

Jagjit Chadha ()

National Institute Economic Review, 2015, vol. 234, issue 1, R27-R39

Abstract: This article outlines some of the intellectual lessons learnt by central bankers during the financial crisis. The key question is whether a broader range of policy options than simple inflation targeting has to be considered in order to limit instability. Interactions with overseas pools of savings, government debt markets and financial risk have all conspired to complicate significantly the task of monetary policymaking. These developments do not mean that the target for inflation has to be modified or dropped but that setting policy will be a more complex task and require more explanation than it has in the recent past.

Keywords: monetary policy; quantitative easing; macro-prudential instruments (search for similar items in EconPapers)
JEL-codes: E52 E58 N1 (search for similar items in EconPapers)
Date: 2015
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