Central banks – from overburdening to decline?

“Institutional Overburdening” to a large extent was a consequence of the “Great Moderation”. This term indicates that it was a period in which inflation had come down from rather high levels. Growth and employment were a
“Institutional Overburdening” to a large extent was a consequence of the “Great Moderation”. This term indicates that it was a period in which inflation had come down from rather high levels. Growth and employment were at least satisfying and variability of output had substantially declined. It was almost unavoidable that as a consequence expectations on future actions of central banks and their ability to control the economy reached an unprecedented peak which was hardly sustainable. Institutional overburdening has two dimensions. One is coming from exaggerated expectations on what central banks can achieve (“expectational overburdening”). The other dimension is “operational overburdening” i.e. overloading the central bank with more and more responsibilities and competences.
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Metadaten
Author:Otmar Issing
URN:urn:nbn:de:hebis:30:3-416923
URL:http://safe-frankfurt.de/policy-center/policy-publications/policy-publ-detailsview/publicationname/central-banks-from-overburdening-to-decline.html
Parent Title (English):SAFE white paper series, 42
Series (Serial Number):SAFE white paper series (42)
Publisher:SAFE
Place of publication:Frankfurt am Main
Document Type:Working Paper
Language:English
Date of Publication (online):2016/10/05
Date of first Publication:2016/10/05
Publishing Institution:Universitätsbibliothek Johann Christian Senckenberg
Release Date:2016/10/20
Tag:EZB; Geldpolitik; Zentralnbank
ECB; central banking; monetary policy
Issue:4 october 2016
Pagenumber:14
HeBIS PPN:390298336
Institutes:Wirtschaftswissenschaften
House of Finance (HoF)
Center for Financial Studies (CFS)
Sustainable Architecture for Finance in Europe (SAFE)
Dewey Decimal Classification:330 Wirtschaft
Sammlungen:Universitätspublikationen
Licence (German):License Logo Veröffentlichungsvertrag für Publikationen

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