کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5098422 1478696 2014 5 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Are rules and boundaries sufficient to limit harmful central bank discretion? Lessons from Europe
ترجمه فارسی عنوان
آیا قوانین و مرزها برای محدود کردن اختیارات مضر بانک مرکزی کافی است؟ درسهای اروپا
موضوعات مرتبط
مهندسی و علوم پایه ریاضیات کنترل و بهینه سازی
چکیده انگلیسی
Marvin Goodfriend׳s (2014) insightful, informative and provocative work explains concisely and convincingly why the Fed needs rules and boundaries. This paper reviews the broader institutional design problem regarding the effectiveness of the central bank in practice and confirms the need for rules and boundaries. The framework proposed for improving the Fed incorporates key elements that have already been adopted in the European Union. The case of ELA provision by the ECB and the Central Bank of Cyprus to Marfin-Laiki Bank during the crisis, however, suggests that the existence of rules and boundaries may not be enough to limit harmful discretion. During a crisis, novel interpretations of the legal authority of the central bank may be introduced to create a grey area that might be exploited to justify harmful discretionary decisions even in the presence of rules and boundaries. This raises the question how to ensure that rules and boundaries are respected in practice.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Dynamics and Control - Volume 49, December 2014, Pages 121-125
نویسندگان
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