The aim of this article is to provide a discussion interface for historians and those that are in the present world of economics. The Global Financial Crisis set in motion a series of debates on the nature and scope of monetary policy. The role of monetary policy and the central bank since the...

The Federal Reserve's coalition in Congress changes over time with the mandate the Federal Reserve (Fed) is pursuing. When the Fed is fighting inflation, the Right supports it while the Left attacks it. When the Fed's focus shifts to reviving employment, the coalitions reverse and the Left...

This paper investigates whether uncertainty about economic policy plays a role in shaping the credibility and reputation of the central bank in the eyes of the public. In particular, we look at the effect of policy uncertainty for the dynamics of citizens' opinion, being trust, satisfaction or...

An economy is often characterised by two important objectives set for the policy makers. One regarding the growth rate of the economy and the other being the rate of inflation. A common strategy adopted by the policy makers to achieve these twin goals is to manage the interest rate through the...

I consider whether a rules-based fiat money system can outperform the gold standard in delivering economic stability. I discuss the potential objectives of monetary policy in Section 1 and the means for achieving the objective in Section 2. I turn to questions of political economy in Section 3....

We introduce a unique standards-based approach to the implementation of a Central Bank Digital Currency (CBDC) in this paper.The paper starts with a brief background of the work done by the authors on a suite of products targeting a digital marketplace to demonstrate competence and familiarity...

From the late 1980s, many countries have reformed the institutional framework governing their central banks to increase operational independence. Collecting systematic biographical information, international press coverage, and independent expert opinions, we find that over the same period...

The likely extension of the euro area has triggered a debate on the organization of the ECB, in particular on the apparent mismatch between relative economic size and voting rights in the Council. We present a simple model of optimal representation in a federal central bank addressing this...

The pending enlargement of the European Monetary Union (EMU) has brought to the fore the discussion of the voting right distribution in the European Central Bank (ECB) council. We show that, in a model where labor unions internalize the inflationary consequences of wage setting, deviating from a...

The monetary policy of the European Central Bank (ECB) is the subject matter of this paper. We analyze the prospects for future price stability in an enlarged European Monetary and Economic Union (EMU). At the heart of this study are the potential e®ects of altering decision-making procedure...