Aspects of Central Bank Policy Making

This volume is a collection of papers from a conference on "Aspects of Central Bank Policy Making" at the Bank of Israel and Tel Aviv University in January 1990. The volume has three parts: Part 1 on rules and constraints of central bank policy making, Part 2 on insurance, regulation and safety of commercial banks, Part 3 on the analysis of monetary policies in Germany and Israel.

Inhalt
I. Rules and Constraints on Monetary Policy.- 1. The Federal Reserve at Seventy Five.- 2. Towards a European Central Bank: Fiscal Compatibility and Monetary Constitution.- 3. Can Restrictions on Banking Replace Fiscal Adjustment? Seigniorage, Reserve Requirements, and Mandatory Investment.- 4. Credibility and Consistent Central Bank Policy: An Insider View.- 5. Discretion, Precommitments and the Prospects for a European Central Bank Fixed Parities versus a Commonly Managed Currency.- 6. Exchange Rate Systems: New Perspectives.- II. Insurance and Regulation of Commercial Banks.- 7. Competitive Banking with Fractional Reserves and Regulations.- 8. A Case for Reforming Federal Deposit Insurance.- III. Review of Monetary Policy in Germany and Israel.- 9. Monetary Control and Exchange Market Management: German Policy Experience from the 1985 Plaza Agreement to the 1989 Summit of the Arch.- 10. The Balance-of-Payments Offset to Monetary Policy: An Examination of the Israeli Case.- 11. Israel's Post-Stabilization Recession: Monetary Factors.- 12. Tax Smoothing and Tests of Ricardian Equivalence: Israel 1961-1988.