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1、TheChangingFortunesofCentralBankingEditorsPhilippHartmann(EuropeanCentralBank&CEPR)HaizhouHuang(ChinaInternationalCapitalCorporation)DirkSchoenmaker(ErasmusUniversity,Bruegel&CEPR)CambridgeUniversityPress,Cambridge,2018AbstractUnderstandingthechangingroleofcentralbanksandthen
2、ovelpoliciestheyhavepursuedrecentlyisabsolutelyessentialforanalysingmanyeconomic,financialandpoliticalissues,rangingfromfinancialregulationandcrisis,toexchangeratedynamicsandregimechanges,andQEandprolongedlowinterestrates.Thisbookfeaturescontributionsbymanyoftheworld’sleading
3、expertsoncentralbanking,providinginaccessibleessaysafascinatingreviewoftoday’skeypolicyandresearchissuesforcentralbanks.LuminariesincludingStephenCecchetti,TakatoshiIto,AnilKashyap,MervynKing,DonaldKohn,OtmarIssing,HyunShinandWilliamWhitearejoinedbyCharlesGoodhartoftheLondonS
4、choolofEconomics,whosemanyachievementsinthefieldofcentralbankingarehonouredastheinspirationforthisbook.TheChangingFortunesofCentralBankingdiscussesthedevelopingroleofcentralbanksandthepoliciestheypursueinseekingmonetaryandfinancialstabilisation,whilealsogivingsuggestionsformo
5、delstrategies.Thiscomprehensivereviewwillappealtocentralbankers,financialsupervisors,academicsandeconomistsworkinginthinktanks.AcknowledgementsAnyviewsexpressedareonlytheauthorsownandshouldnotberegardedasviewsoftheECBortheEurosystem.TheauthorswouldliketothankForrestCapie,Jagj
6、itChadha,CharlesGoodhartandGeoffreyWoodforsuggestionsfortheIntroduction.TheChangingFortunesofCentralBankingChapter1IntroductionandOverviewPhilippHartmann,HaizhouHuangandDirkSchoenmaker1.1IntroductionThisvolumetellsthestoryofthechangingfortunesofcentralbanksfrompowerful,narrow
7、lytargeted,monetaryinstitutionstoexpandedinstitutionswithmultipletasksanduncertainoutcomes.Duringthisjourney,thecentralbanksgainedhard-foughtindependenceinthe1990s,whichtheyareabouttolose,atleastpartly,underabroadermonetaryandfinancialstabilitymandate.Whengovernmentsmustprovi
8、deafiscalbackstoptothefinancialsystem,theyalsowanttohaveasay.Thescri