This volume collects the proceedings from a conference on the
evolution and practice of central banking sponsored by the Central
Bank Institute of the Federal Reserve Bank of Cleveland. The
articles and discussants' comments in this volume largely focus on
two questions: the need for central banks, and how to maintain
price stability once they are established. The questions addressed
include whether large banks (or coalitions of small banks) can
substitute for government regulation and due central bank liquidity
provision; whether the future will have fewer central banks or
more; the possibility of private means to deliver a uniform
currency; if competition across sovereign currencies can ensure
global price stability; the role of learning (and unlearning) the
lessons of the past inflationary episodes in understanding central
bank behavior; and an analysis of the European Central Bank.
General
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