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Central Banking in Theory and Practice
Based on the 1996 Lionel Robbins Lectures, this book deals succinctly, in a nontechnical manner, with a wide variety of issues in monetary policy, including the goals of monetary policy, the choice of monetary instrument, the rule-versus-discretion debate, suggested remedies for the alleged problem of "inflationary bias, " central bank credibility, arguments for and agains ...more
Paperback, 112 pages
Published January 7th 1999 by Mit Press
(first published 1998)
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I had expected that this pamphlet would be a museum piece given how much the conventional wisdom on monetary policy has shifted over the past decade. However, I found this to be a useful short meditation on central banking that is still extremely relevant today. Among the themes he discussed: central bank independence from politicians and markets; managing the tradeoff between employment and inflation; rules vs. discretion; and the instruments of monetary policy. Quantitative easing may have cha ...more
Three lectures on central banking by a former vice-chairman of the FOMC, and Princeton economics professor. I read this in my continuing desire to understand central bank policies a little bit better. Lecture one is on targeting and problems w/regard to targeting, whether the Fed should try to prevent crises, whether it can, targeting methods, the problems with the macroeconomic models and model uncertainty. Blinder argues that academics (and all of us) need to understand the committee nature of ...more
Central Banking in Theory and Practice is a collection of three lectures by former Vice-Chairman of the Federal Reserve Board and current Princeton economist Alan S. Blinder. It's a great overview of central banking, but it assumes a certain familiarity with economics and monetary policy - it's not a layman's book. Still, it's not impenetrable, and readers willing to put in some effort will likely find that they learn something about what is likely one of the most opaque parts of government.
Alan Stuart Blinder is an American economist at Princeton University serving as the Gordon S. Rentschler Memorial Professor of Economics and Public Affairs in the Economics Department, and vice chairman of The Observatory Group. He founded Princeton’s Griswold Center for Economic Policy Studies in 1990. Since 1978 he has been a Research Associate of the National Bureau of Economic Research. He is ...moreMore about Alan S. Blinder...