TY  - UNPD
A1  - Issing, Otmar
T1  - Central banks – from overburdening to decline?
T2  - SAFE white paper series, 42
N2  - “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.
T3  - SAFE white paper series - 42 
KW  - central banking
KW  - ECB
KW  - monetary policy
KW  - Zentralnbank
KW  - EZB
KW  - Geldpolitik
Y1  - 2016
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/41692
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-416923
UR  - http://safe-frankfurt.de/policy-center/policy-publications/policy-publ-detailsview/publicationname/central-banks-from-overburdening-to-decline.html
IS  - 4 october 2016
PB  - SAFE
CY  - Frankfurt am Main
ER  -