COVER; Copyright; Contents; Figures and tables; Contributors; Preface; Acknowledgements; About the series; Introduction; 1. Monetary beliefs and the power of central banks; 2. Monetary policy in Germany since 1948: national tradition, international best practice or ideology?; 3. What objectives for monetary policy?; 4. Financial stability and monetary policy: a framework; 5. Coordinating expectations in monetary policy; 6. Central bank transparency: where, why and with what effects?; 7. Global imbalences: origins, consequences and possible resolutions.
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The number of central banks in the world is approaching 180, a tenfold increase since the beginning of the twentieth century. What underlying process has brought central banks to hold such a key role in economic life? This book examines from a transatlantic perspective how the central bank has become the bank of banks.