1.

Record Nr.

UNINA9910451985003321

Autore

Blinder Alan S

Titolo

The quiet revolution [[electronic resource] ] : central banking goes modern / / Alan S. Blinder ; foreword by Robert J. Shiller

Pubbl/distr/stampa

New Haven, : Yale University Press, 2004

ISBN

1-281-74093-4

9786611740931

0-300-12750-2

Descrizione fisica

1 online resource (1 online resource (xviii, 119 p.) ) : ill

Collana

Arthur M. Okun memorial lecture series

Disciplina

332.1/1

Soggetti

Banks and banking, Central

Electronic books.

Lingua di pubblicazione

Inglese

Formato

Materiale a stampa

Livello bibliografico

Monografia

Note generali

Bibliographic Level Mode of Issuance: Monograph

Nota di bibliografia

Includes bibliographical references (p. [109]-114) and index.

Nota di contenuto

Front matter -- Contents -- Illustrations -- Foreword -- Acknowledgments -- Introduction -- Chapter 1. Through the Looking Glass: Central Bank Transparency -- Chapter 2. Ex Uno Plures: Central Banking by Committee -- Chapter 3. Following the Leader: The Central Bank and the Markets -- Conclusion: Thoroughly Modern Central Banking -- Notes -- Bibliography -- Index

Sommario/riassunto

Although little noticed, the face of central banking has changed significantly over the past ten to fifteen years, says the author of this enlightening book. Alan S. Blinder, a former vice chairman of the Federal Reserve System and member of President Clinton's Council of Economic Advisers, shows that the changes, though quiet, have been sufficiently profound to constitute a revolution in central banking. Blinder considers three of the most significant aspects of the revolution. The first is the shift toward transparency: whereas central bankers once believed in secrecy and even mystery, greater openness is now considered a virtue. The second is the transition from monetary policy decisions made by single individuals to decisions made by committees. The third change is a profoundly different attitude toward the markets, from that of stern schoolmarm to one of listener. With keenness and balance, the author examines the origins of these



changes and their pros and cons.