Challenges in Central Banking

Pierre L. Siklos is Professor of Economics and Director of the Wiessman European Research Centre at Wilfrid Laurier University, Canada. He is the managing editor of the North American Journal of Economics and Finance, author of The Changing Face of Central Banking (Cambridge University Press, 2002), and co-editor with Richard Burdekin of Deflation: Current and Historical Perspectives (Cambridge University Press, 2004). In 2008, Professor Siklos was named to the C. D. Howe Institute's Monetary Policy Council, became chairholder of the Bundesbank Foundation of International Monetary Economics at the Freie Universität, Berlin, and became a Senior Fellow at the Centre for International Governance Innovation. His research in macroeconomics emphasizes the study of inflation, central banks, and financial markets. Martin T. Bohl is Professor of Economics, Centre for Quantitative Economics, Westfaelische Wilhelms Universitaet, Muenster. From 1999 to 2006 he was a Professor of Finance and Capital Markets at the European University Viadrina Frankfurt (Oder), where he was also spokesman for the Ph.D. program Capital Markets and Finance in the Enlarged Europe. Professor Bohl focuses on monetary theory and policy as well as financial market research. He has published in many international macroeconomics and finance journals and has been a visiting scholar at several universities in Europe and North America. Mark E. Wohar is the UNO CBA Distinguished Professor at the University of Nebraska–Omaha, where he is director of the Division of Economic and Financial Analysis. Professor Wohar has published more than 85 refereed journal articles, including pieces in the American Economic Review, the Journal of Finance, the Review of Economics and Statistics, the Economic Journal, and the Journal of International Economics. He is an associate editor of the Journal of Economics and Applied Economics and serves on the editorial board of Economic Inquiry and on the Editor Council of the Review of International Economics. The recipient of several awards for research excellence, his areas of investigation include domestic and international macroeconomics, international finance, monetary theory, and financial institutions.

1. The state of play in central banking and the challenges to come Pierre L. Siklos, Martin T. Bohl and Mark E. Wohar; Part I. Past, Present, and Future in the Conduct of Monetary Policy: 2. Is time ripe for price level path stability? Vitor Gaspar, Frank Smets and David Vestin; 3. The principal-agent approach to monetary policy delegation Georgios E. Chortareas and Stephen M. Miller; 4. Implementing monetary policy in the 2000s: operating procedures in Asia and beyond Corrinne Ho; Part II. The Scope of Central Banking Operations and Central Bank Independence: 5. Analysis of financial stability Charles A. E. Goodhart and D. P. Tsomocos; 6. National central banks in a multi-national system David G. Mayes and Geoffrey E. Wood; 7. The complex relationship between central bank independence and inflation Bernd Hayo and Carsten Hefeker; 8. Independence and accountability in supervision: comparing central banks and financial authorities Donato Masciandaro, Marc Quintyn and Michael W. Taylor; Part III. Transparency and Governance in Central Banking: 9. The economic impact of central bank transparency: a survey Carin van der Cruijsen and Sylvester C. W. Eijffinger; 10. How central banks take decisions: an analysis of monetary policy meetings Philip Maier; 11. Institutional rules and the conduct of monetary policy: does a central bank need governing principles? Pierre L. Siklos; Data and econometric specification; Empirical evidence; Conclusions.