| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23847 |
| 来源ID | Working Paper 23847 |
| Central Banks: Evolution and Innovation in Historical Perspective | |
| Michael D. Bordo; Pierre L. Siklos | |
| 发表日期 | 2017-09-25 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | Central banks have evolved for close to four centuries. This paper argues that for two centuries central banks caught up to the strategies followed by the leading central banks of the era; the Bank of England in the eighteenth and nineteenth centuries and the Federal Reserve in the twentieth century. It also argues that, by the late 20th century, small open economies were more prone to adopt a new policy regime when the old one no longer served its purpose whereas large, less open, and systemically important economies were more reluctant to embrace new approaches to monetary policy. Our study blends the quantitative with narrative explanations of the evolution of central banks. We begin by providing an overview of the evolution of monetary policy regimes taking note of the changing role of financial stability over time. We then provide some background to an analysis that aims, via econometric means, to quantify the similarities and idiosyncrasies of the ten central banks and the extent to which they represent a network of sorts where, in effect, some central banks learn from others. |
| 主题 | Macroeconomics ; Business Cycles ; Money and Interest Rates ; Monetary Policy |
| URL | https://www.nber.org/papers/w23847 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/581520 |
| 推荐引用方式 GB/T 7714 | Michael D. Bordo,Pierre L. Siklos. Central Banks: Evolution and Innovation in Historical Perspective. 2017. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w23847.pdf（806KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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