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Central Banking in Turbulent Times, Central Banking in Turbulent Times, Oxford Scholarship Online 2018 (2018). Papadia, Francesco; Välimäki, Tuomas


Category A Peer-reviewed scientific articles
Sub-category A3 Book section, Chapters in research books
auki Internal authors
All authors as text Papadia, Francesco; Välimäki, Tuomas 
Number of authors
Status Published
Year of publication 2018 
Date 15.04.2018 
Name of article Central Banking in Turbulent Times 
Name of main work Central Banking in Turbulent Times 
Series name Oxford Scholarship Online 
Number of series 2018 
Publisher Oxford University Press 
Place of publication Oxford 
Pages 352 
Abstract The book describes the long and difficult process that led to the central banking model prevailing in most advanced economies at the end of last century. The critical institutional basis of that model is an independent central bank with price stability as its dominant objective. The book, which looks in particular at the Federal Reserve of the United States (Fed) and at the European Central Bank (ECB), also presents the essential components of that model, while noting that financial stability did not fit well in it and was the neglected child of central banks before the Great Recession. The book then illustrates the hits that the Great Recession delivered to that model and asks whether a radical rethinking of the model is necessary. In particular, it examines whether the renewed importance of the financial stability objective, the blurred borders between fiscal and monetary policies, the moral hazard created by the central bank’s forceful actions, and, finally, the actions of the ECB to protect the euro have jeopardized the pre-crisis central bank model. The answer to this question is that, while it is not possible to simply return to the pre-crisis central bank model, the adaptations that are needed are more incremental than radical when considered in a long historical perspective. They nevertheless require changes in the statutes of both the Fed and the ECB, and thus will have to overcome a high institutional hurdle.
Index Introduction
1 Central Banking before the Great Recession
2 Central Banking during the Great Recession
3 Central Banking after the Great Recession
Free text descriptor in English central banks, Federal Reserve of the United States, European Central Bank, Great Recession, financial stability, price stability 
ISBN 9780198806196 
auki Internet addresses
Additional information Also Available As:
Ebook 9780198806196
Also Available In:
Oxford Scholarship Online