On Central Banking: (Studies in Macroeconomic History)

In these six lectures given at the Norwegian Royal Academy of Science and Letters, Jan Qvigstad draws on his deep experience at Norges Bank to outline key principles on which to base central bank policy. The first two lectures (Keeping promises and Transparency) emphasize the importance of credibility and ensuring accountability. Lectures 3-6 can be viewed as applying these key principles to specific issues (Making good decisions; Managing wealth; Learning from history; and Institutions). The lectures do not break new ground - indeed, Qvigstad nicely illustrates how these principles have been articulated in literature, history and politics. Rather, the lectures emphasize the lessons to be drawn by applying these principles to central banking history with primary reference to the case of Norway, such as managing Norway's sovereign wealth fund and designing institutions that will produce good policy outcomes.

Table of Contents:
Foreword; Preface; 1. On keeping promises; 2. On transparency; 3. On making good decisions; 4. On managing wealth; 5. On learning from history – truths and eternal truths; 6. On institutions – fundamentals of confidence and trust; Index

About the Author :
Jan F. Qvigstad was Deputy Governor and Deputy Chair of the Executive Board of Norges Bank 2008-14. From 1997 he was Chief Economist of Norges Bank. He is now the Executive Director, General Staff, at Norges Bank with the responsibility for the bank's economic history project.

Review :
'Not many people can match Jan Fredrik Qvigstad's erudition, wit, story-telling ability, and, most important in this context, deep knowledge and understanding of the arcane world of central banking. It's the combination of all these talents that makes On Central Banking unique. Informative? Certainly. But also readable and even entertaining. How many books about central banking can claim that?' Alan Blinder, Princeton University, New Jersey and former Vice Chairman of the Federal Reserve Board 'Jan Fredrik Qvigstad's On Central Banking revives European essay writing in the tradition of Michel de Montaigne or David Hume. The lectures, collected in this volume, reflect a very well-read author and a lifetime of experience. At the same time, they read like letters from a wise friend who says: 'I have tried it and it worked well for me'.' Vitor Gaspar, Director of Fiscal Affairs Department, International Monetary Fund 'This delightful book contains six lectures Jan F. Qvigstad gave at the Norwegian Academy of Science and Letters, each covering a theme that is highly relevant for central banks but also pertinent to society at large. Qvigstad's splendid collection of essays - light and airy, like a soufflé - covers key developments in central banking in recent years, as seen by someone intimately involved in the transformation of Norwegian monetary policy. Informative and insightful, this is an essential collection for anyone wishing to learn more about central banking in the past and indeed today.' Stefan Gerlach, Deputy Governor, Central Bank of Ireland 'On Central Banking is a highly entertaining and insightful collection of lectures that will appeal not only to those interested in central banks, but also to a wide audience of regulators, politicians, church leaders, and others. Drawing on history, academic theories from various subjects, and the author's own experiences, this is a fascinating discussion of what makes for effective and legitimate institutions.' Anne Sibert, Birkbeck, University of London 'I will be teaching a new M.Sc. programme in Money, Banking and Central Banking from September 2017. This book will be essential reading for the students to familiarise themselves with key topics in modern monetary economics and central banking, and to learn that they must adopt a comprehensive and multidisciplinary approach in understanding central banks' roles and policies in our economies.' Juan Castañeda, Economic Affairs