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The Quiet RevolutionCentral Banking Goes Modern$
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Alan Blinder

Print publication date: 2004

Print ISBN-13: 9780300100877

Published to Yale Scholarship Online: October 2013

DOI: 10.12987/yale/9780300100877.001.0001

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Conclusion: Thoroughly Modern Central Banking

Conclusion: Thoroughly Modern Central Banking

(p.98) Conclusion: Thoroughly Modern Central Banking
The Quiet Revolution

Alan S. Blinder

Yale University Press

This chapter presents concluding remarks on modern central banking. It argues that inertia has always been a powerful force in the staid world of central banking, so rapid change in the ways in which monetary policy is conducted and in which central banks are managed should be neither expected nor desired. In the older tradition, monetary policy was made by a single, secretive central banker who harbored a rather imperious attitude toward the markets. In stark contrast, in the newer tradition, monetary policy is made by a transparent monetary policy committee that pays rapt attention to market signals. The chapter argues that greater transparency is one area in which the quiet revolution has progressed the fastest—and with the most obviously salutary results for the practice of monetary policy—and discusses how the second trend, decision making by committee, is also quite notable.

Keywords:   monetary policy, market signals, transparency, central bank, financial markets

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