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Keywords:Banks and banking, Central 

Journal Article
Swiss and United States monetary policy: has monetarism failed?

An abstract for this article is not available
Economic Review , Volume 73 , Issue May , Pages 3-16

Journal Article
Henry Thornton: seminal monetary theorist and father of the modern central bank

Henry Thorntons Paper Credit of Great Britain (1802) established once and for all the notion that central banks have the prime responsibility for controlling the money stock and the price level. This theme and the analytical framework underlying it reappeared in the famous Bullion Report (1810). There he and his coauthors contended that the central banks responsibility should be made explicit and that the mechanics for ensuring price level stability should be a matter of rules, not discretion.
Economic Review , Volume 73 , Issue Jul , Pages 3-16

Journal Article
The Australian money market and the operations of the Reserve Bank of Australia: a comparative analysis

This article provides a comparative analysis of central bank operating procedures in Australia and the United States. It also examines the effect that the structure of overnight money markets, reserve requirements, and central bank lending procedures have on monetary control in both countries. Evidently the Australian financial structure is such that an interest rate instrument provides superior control of money, a result that may not hold in the United States.
Economic Review , Volume 73 , Issue Sep , Pages 19-31

Journal Article
The lender of last resort : alternative views and historical experience

Four views on the proper role of the lender of last resort are defined. Historical evidence is given on the causes of banking panics in the U.S. and other countries and the roles lenders of last resort played in resolving them.
Economic Review , Volume 76 , Issue Jan , Pages 18-29

Journal Article
Free enterprise and central banking in formerly communist countries

According to this article, if the formerly Communist countries of Eastern Europe are to become free market economies, they will have to define and enforce property rights and allow prices to signal supply and demand conditions. Further, the article suggests that the market economy and integration into the world economy would be enhanced by adopting the currency of a large Western country, thereby eliminating the need for a central bank.
Economic Review , Volume 76 , Issue May , Pages 13-19

Journal Article
The EMU: forerunners and durability

The first article examines the history and theory of monetary unions to ask what factors will foster a stable European Monetary Union. It concludes that a decentralized arrangement of national central banks may undermine the EMUs durability.
Economic Review , Volume 76 , Issue Jul , Pages 8-17

Journal Article
A Yankee recipe for a Eurofed omelet

The second article, reprinted from the Wall Street Journal/Europe, suggests a compromise between a centralized and decentralized structure for the union.
Economic Review , Volume 76 , Issue Jul , Pages 18-19

Journal Article
Monetary policy and operating procedures in New Zealand

The Reserve Bank of New Zealand operates in a highly deregulated financial environment which lacks any interest rate regulation or reserve requirements. Yet the Reserve Bank has been able to implement effective monetary policy through a quantity-based procedure. This article analyzes the operating procedures of the Reserve Bank of New Zealand and the relatively small financial costs imposed by these procedures.
Economic Review , Volume 77 , Issue Sep , Pages 13-19

Journal Article
The monetary responsibilities of a central bank

This article provides an analytical framework for discussing the monetary responsibilities of a central bank. The framework shows how the central bank gives the price level a well-defined equilibrium value and how the central bank causes this equilibrium value to change over time.
Economic Review , Volume 74 , Issue Sep , Pages 19-31

Journal Article
Financial deregulation, monetary policy, and central banking

The paper analyzes the need for financial regulations in the implementation of central bank policy. It emphasizes that a central bank serves two functions. Central banks function as monetary authorities, managing high-powered money to influence the price level and real activity; and they engage in regular and emergency lending to financial institutions. The authors term these functions monetary and banking policies, respectively. They emphasize that regulations are not essential for the execution of monetary policy because high-powered money can be managed with open market operations in ...
Economic Review , Volume 74 , Issue May , Pages 3-22

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