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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP6907 |
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 |
URL | https://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. |
条目包含的文件 | 条目无相关文件。 |
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