Abstract and Keywords
This chapter covers central bank topics including governance, independence, balance-sheet and crisis management, and challenges in macroeconomic modeling. It is intended as a summary of current and potential challenges faced by central banks in monetary policy and maintenance of financial system stability. The chapter covers a variety of views about past and present behavior and performance of central banks around the world, providing a state-of-the-art perspective on likely future challenges to be faced by this critical institution. The chapter points out gaps where future research is likely to be fruitful and the questions and issues that remain unanswered. One motivation for the book is the financial crisis of 2007–2009. Nevertheless, several themes covered and analyzed predate the crisis. The aftermath of the crisis also raised new questions about the scope, influence, and response of central banks in a changing macroeconomic landscape. The chapter also touches on fintech and digital currencies.
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