G2TT
来源类型Discussion paper
规范类型论文
来源IDDP6907
DP6907 Optimal Monetary Policy in an Operational Medium-Sized DSGE Model
Lars E.O. Svensson; Jesper Linde; Malin Adolfson; Stefan Laséen
发表日期2008-07-11
出版年2008
语种英语
摘要Recent research on central bank governance has focused mainly on their monetary policy task. As the sub-prime loan market turmoil reminded us - central banks play a crucial role in financial markets not only in setting monetary policy, but also in ensuring their soundness and stability. In this paper we study the specific corporate governance structures of a number of central banks in light of their complex role of inflation guardians, bankers? banks, financial industry regulators/supervisors and, in some cases, competition authorities and deposit insurance agencies. We review their current institutional arrangements, e.g. formal objectives, ownership, board and governor appointment rules, term limits and compensation, using both existing surveys and newly collected information; and we contrast them with the structures suggested in the corporate and public governance literatures, where present. Our analysis highlights a striking variety in central bank governance structures and a number of specific issues that appear unsatisfactorily addressed by existing research, including the incentive structure for governor and board members, the balance between central banks? multiple objectives, and the need for term limits or post-employment restrictions.
主题Financial Economics ; International Macroeconomics
关键词Governance Accountability Bank regulation Board structure Central bank independence Central banks Cooling-off periods Governor remuneration Regulatory capture Term limits
URLhttps://cepr.org/publications/dp6907
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/535743
推荐引用方式
GB/T 7714
Lars E.O. Svensson,Jesper Linde,Malin Adolfson,et al. DP6907 Optimal Monetary Policy in an Operational Medium-Sized DSGE Model. 2008.
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