This article provides an analytical framework for discussing the monetary responsibilities of a central bank. The … framework shows how the central bank gives the price level a well-defined equilibrium value and how the central bank causes this …

a large Western country, thereby eliminating the need for a central bank. …

conditions in advance of crises so as to remove uncertainty. These precepts continue to inform central bank policy today. …

The paper analyzes the need for financial regulations in the implementation of central bank policy. It emphasizes that … a central bank serves two functions. Central banks function as monetary authorities, managing high-powered money to …. Just as private lenders must restrict and monitor individual borrowers, a central bank must regulate and supervise the …

This article provides a comparative analysis of central bank operating procedures in Australia and the United States …. It also examines the effect that the structure of overnight money markets, reserve requirements, and central bank lending …

Henry Thornton’s Paper Credit of Great Britain (1802) established once and for all the notion that central banks have … underlying it reappeared in the famous Bullion Report (1810). There he and his coauthors contended that the central bank …