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Central banks: From overburdening to decline?

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  • Issing, Otmar
Abstract
"Institutional Overburdening" to a large extent was a consequence of the "Great Moderation". This term indicates that it was a period in which inflation had come down from rather high levels. Growth and employment were at least satisfying and variability of output had substantially declined. It was almost unavoidable that as a consequence expectations on future actions of central banks and their ability to control the economy reached an unprecedented peak which was hardly sustainable. Institutional overburdening has two dimensions. One is coming from exaggerated expectations on what central banks can achieve ("expectational overburdening"). The other dimension is "operational overburdening" i.e. overloading the central bank with more and more responsibilities and competences.

Suggested Citation

  • Issing, Otmar, 2016. "Central banks: From overburdening to decline?," SAFE White Paper Series 42, Leibniz Institute for Financial Research SAFE.
    • Handle: RePEc:zbw:safewh:42
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    References listed on IDEAS

    as
    1. Mr. Otmar Issing, 2011. "Lessons for Monetary Policy: What Should the Consensus Be?," IMF Working Papers 2011/097, International Monetary Fund.
    2. Issing,Otmar, 2008. "The Birth of the Euro," Cambridge Books, Cambridge University Press, number 9780521731867, October.
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    5. Issing, Otmar, 2014. "Forward guidance: A new challenge for central banks," SAFE White Paper Series 16, Leibniz Institute for Financial Research SAFE.
    6. Adair Turner, 2015. "Between Debt and the Devil: Money, Credit, and Fixing Global Finance," Economics Books, Princeton University Press, edition 1, number 10546.
    7. Otmar Issing, 2011. "Lessons for monetary policy: what should the consensus be?," Globalization Institute Working Papers 81, Federal Reserve Bank of Dallas.
    8. Michael Woodford, 2005. "Central bank communication and policy effectiveness," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, issue Aug, pages 399-474.
    9. Willem H. Buiter, 1999. "Alice in Euroland," Journal of Common Market Studies, Wiley Blackwell, vol. 37(2), pages 181-209, June.
    10. Issing,Otmar, 2008. "The Birth of the Euro," Cambridge Books, Cambridge University Press, number 9780521516730, October.
    11. Issing, Otmar, 2011. "Lessons for monetary policy: What should the consensus be?," CFS Working Paper Series 2011/13, Center for Financial Studies (CFS).
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    1. repec:ces:ifodic:v:15:y:2017:i:1:p:19309462 is not listed on IDEAS
    2. Charles Wyplosz, 2017. "How Far Should Unconventional Central Banking Go?," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 15(1), pages 28-30, 04.
    3. Itai Agur & Carola Binder & Cristina Bodea & Claudio Borio & Italo Colantone & Ana Carolina Garriga & Federico Favaretto & Stefan Gerlach & Ernest Gnan & Ryszard Kokoszczynski & Masaaki Higashijima & , 2020. "Populism, Economic Policies and Central Banking," SUERF Studies, SUERF - The European Money and Finance Forum, number 2020/1 edited by Ernest Gnan and Donato Masciandaro, May.
    4. Gerald Braunberger, 2016. "Joseph A. Schumpeter: Ein Pionier der Makrofinanz," Schumpeter Discussion Papers SDP16007, Universitätsbibliothek Wuppertal, University Library.
    5. Stefano Figuera & Guglielmo Forges Davanzati & Andrea Pacella, 2022. "Considerations on the Legacy of Ordoliberalism in European Monetary Policy," HISTORY OF ECONOMIC THOUGHT AND POLICY, FrancoAngeli Editore, vol. 2022(2), pages 95-122.
    6. Charles Wyplosz, 2017. "How Far Should Unconventional Central Banking Go?," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 15(01), pages 28-30, April.
    7. Timothy C. Irwin, 2020. "Accrual Accounting and the Government's Intertemporal Budget Constraint," Public Budgeting & Finance, Wiley Blackwell, vol. 40(4), pages 128-141, December.

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    Keywords

    Central Banking; ECB; Monetary Policy;
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