Zunächst werden die geldpolitischen Institutionen, ihre Ziele und Möglichkeiten dargestellt. Es werden kritische Bewertungen vorgenommen in Bezug auf Wechselkurse als geldpolitischen Anker, auf die Bedeutung der Zinssätze und auf hohe Finanzaufschläge. Es werden die Vor- und Nachteile von...

This paper documents the opaqueness of central banks about the economic models they use to choose policy but argues that this is largely due to the lack of consensus about the correct model of the economy within the economic profession. The latter is illustrated by contrasting three currently...

Central Bankers are currently facing big challenges in designing and implementing monetary policy, as well as with safeguarding financial stability, with the world economy still in the process of digesting the legacy of the crisis. The crisis has changed central banking in many ways: by shifting...