Browsing Arbeidsnotater / Working Papers by Subject "central banking"
Now showing items 1-6 of 6
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Foreign Exchange Reserve Management in the 19th Century: The National Bank of Belgium in the 1850s
(Working Papers;7/2011, Working paper, 2011)As well as the current one, the wave of globalization culminated in 1913 was marked by increasing accumulation of foreign exchange reserves. But what did ‘reserves’ mean in the past, how were they managed, and how much ... -
Liquidity Management and Central Bank Strength: Bank of England Operations Reloaded, 1889-1910
(Working Papers;10/2016, Working paper, 2016)Is a strong commitment to monetary stability enough to ensure credibility? The recent literature suggests it might not be if the central bank cannot perform pure interest rate policy and has to resort to balance sheet ... -
Marriner S. Eccles and the 1951 Treasury–Federal Reserve Accord: Lessons for Central Bank Independence
(Working Papers;6/2014, Working paper, 2014)The 1951 Treasury–Federal Reserve Accord is an important milestone in central bank history. It led to a lasting separation between monetary policy and the Treasury's debtmanagement powers and established an independent ... -
Monetary Policy Under the Gold Standard - Examining the Case of Norway, 1893-1914
(Working Papers;14/2008, Working paper, 2008)This essay examines Norwegian monetary policy under the final decades of the classical international gold standard regime prior to World War I. While the evidence clearly demonstrates that the commitment to gold convertibility ... -
Money in the Equilibrium of Banking
(Working Papers;22/2015, Working paper, 2015)In most banking models, money is merely modeled as a medium of transactions, but in reality, money is also the most liquid asset for banks. Central banks do not only passively supply money to meet demand for transactions, ... -
What Do We Really Know About the Long-Term Evolution of Central Banking? Evidence from the Past, Insights for the Present
(Working Papers;15/2011, Working paper, 2011)The ongoing financial crisis is shaking central bankers’ certainties about their mission, and a rethinking of such mission can greatly benefit from a non-finalistic reassessment of how central banking has evolved over the ...