volume 28, issue 4, P729-749 2012
DOI: 10.1093/oxrep/grs023
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D. Cobham

Abstract: AbstractThe financial crisis, on the one hand, and the recourse to 'unconventional' monetary policy, on the other, have given a sharp jolt to perceptions of the role and status of central banks. In this paper we start with a brief 'contrarian' history of central banks since the second world war, which presents the Great Moderation and the restricted focus on inflation targeting as a temporary aberration from the norm. We then discuss how recent developments in fiscal and monetary policy have affected the role…

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