Analysis of Financial Stability

Dimitrios Tsomocos and C.A.E. Goodhart

No 2007-FE-04, Economics Series Working Papers from University of Oxford, Department of Economics

Abstract: On the macro-economic policy side of Central Banking a remarkable consensus has been emerging over the last two decades. This covers both the applicable theoretical framework for analysing the transmission mechanism of monetary policy and also the appropriate institutional structure for the Central Bank to deploy its macro-economic policies. The consensus about the latter structure generally involves a high degree of operational independence (from Government); the de facto selection of price stability as the primary objective, (except in those countries on a pegged, or fixed exchange rate, or in a currency union); and a choice of a short term interest rate, selected on pre-announced dates within the context of a forward-looking forecasting structure, as the main instrument.

Date: 2007-03-01
References: Add references at CitEc
Citations: View citations in EconPapers (3)

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
Working Paper: Analysis of Financial Stability (2007)
Working Paper: Analysis of Financial Stability (2007)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:oxf:wpaper:2007-fe-04

Access Statistics for this paper

More papers in Economics Series Working Papers from University of Oxford, Department of Economics Contact information at EDIRC.
Bibliographic data for series maintained by Anne Pouliquen (facultyadmin@economics.ox.ac.uk this e-mail address is bad, please contact repec@repec.org).