The Changing Face of Central Banking: Evolutionary Trends since World War II(Studies in Macroeconomic History)

Central banks have emerged as the key players in national and international policy making. This book explores their evolution since World War II in 20 industrial countries. The study considers the mix of economic, political, and institutional forces that have affected central bank behavior and its relationship with government. The analysis reconciles vastly different views about the role of central banks in the making of economic policies. One finding is that monetary policy is an evolutionary process. The emphasis on clarity of objectives, transparency of the decision-making process, and a clear understanding of the accountability of the central bank cannot be understood in isolation from the previous 50 years of policy making. The changing face of central banking, born out of the turbulence of the first half of the last century, nurtured by evolution in policies, defines the history of central banking in the second half of the twentieth century.

Table of Contents:
List of figures; List of tables; Preface; 1. The institutional make-up and evolution of central bank-government relations: an introduction; 2. Legislation alone does not a central bank make: political structure, governance and reputation in monetary policy; 3. Central bank personalities and monetary policy performance; 4. Econometric analysis of central bank behavior: an evolutionary approach; 5. Contrasting quantitative and qualitative assessments of central bank behavior and the evolution of monetary policies; 6. Accountability, disclosure and conflict resolution; 7. Inflation targets versus other inflation control measures: two sides of the same coin?; 8. The changing face of central banking: epilogue; Bibliography; Index.

Review :
'This book is suitable as a part of an advanced undergraduate option on monetary economics or a semester-long course on economic policy. The author's very helpful website contains data and further readings to guide more interested readers. The lack of any great technical hurdles means that the book can be read quite easily by non-specialists and therefore should also appeal to the many commentators in Whitehall, the City and the media who will want to understand some of the issues being the continuing and growing prominence of the central bank.' Economica '... a coherent overview of the developments in Central Banking in the second half of the twentieth century ... [the author] deserves compliments for creating an interesting, comprehensive (but of an academic standard) and useful book suited for a broad audience interested in Central Banking; from researchers and policy makers at Central Banks to students and academics at universities.' De Economist 'Siklos displays expert knowledge about the practice of central Banking, for instance by highlighting a huge amount of comparative examples, which makes the book very lively to read. He deserves complements for creating an interesting, comprehensive (but of an academic standard) and useful book suited for a broad audience interested in central banking; from researchers and policy makers at central Banks to students and academics at universities.' De Economist