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Books > History > History of specific subjects > Economic history
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A Comparative History of Central Bank Behavior - Consistency in Monetary Policy in the US and UK (Hardcover)
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A Comparative History of Central Bank Behavior - Consistency in Monetary Policy in the US and UK (Hardcover)
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It is widely believed that central banks have grown (the Bank of
England) or were established (the Federal Reserve) to pursue the
twin objectives of monetary and price stability. But why should
they? Central bankers are people, too, whose behavior is presumably
determined, like the rest of us, by their incentives and the
information available to them. The author explores this question.
Two sets of data confirm the reservations. Central banks have often
worsened, even initiated, monetary instabilities by bailing out the
risk-takers and their effects on prices, which depending on the
quantities of money created by central banks, have often been
catastrophic. The evidence suggests that central bankers have
really been in business to support the politically powerful upon
whose favors they depend, particularly high-spending governments
and needy financial institutions. The book consists of several
examples of this behavior and its consistency during wars and
financial crises in the UK and US over the course of the last two
centuries. Professors and students of finance will find A
Comparative History of Central Bank Behavior to be a compelling and
thoughtful exploration of how central banks have historically
responded to and influenced financial markets.
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