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Klappentext The contributions in this volume reveal much about the institutional nature of central banks. They analyze the banks' growth and development as well as desired objectives and challenges in the future. The articles tackle the issues in a variety of ways! combining historical observation with economic theory and experimentation. Zusammenfassung The articles in this volume are collectively about shedding light on central banks as institutions: how modern central banks have come to be what they are! what their objectives ought to be! how central banks ought to behave! and what kinds of challenges they might face. Inhaltsverzeichnis List of contributors; Acknowledgements; In memoriam; Introduction; Part I. Operational Issues in Modern Central Banking: 1. Laboratory experiments with an exceptional Phillips curve Jasmina Arifovic and Thomas J. Sargent; Commentary James Bullard and Christopher A. Sims; 2. Whither central banking? Charles Goodhart; Commentary Donald L. Kohn and Mark Gertler; Part II. Monetary Union: 3. Monetary policy in unknown territory: the European Central Bank in the early years Jürgen von Hagen and Matthias Brückner; Commentary Stephen G. Cecchetti and Vitor Gaspar; 4. International currencies and dollarization Alberto Trejos; Commentary Klaus Schmidt-Hebbel and Ross Levine; Part III. Private Alternatives to Central Banks: 5. Banking panics and the origin of central banking Gary Gorton and Lixin Huang; Commentary John H. Boyd and Edward J. Green; 6. Establishing a monetary union in the United States Arthur J. Rolnick, Bruce D. Smith and Warren E. Weber; Commentary Neil Wallace and Bruce Champ; 7. Currency competition in the Digital Age Randall S. Kroszner; Commentary Jeremy C. Stein and Jeffrey M. Lacker; Index.
