Overview

In the crises of the past fifteen years, central bankers have become big public players in a drama that affects all our lives, involving financial market crashes, public health threats and devastating economic downturns. Having played a lead role in the global financial crisis and the coronavirus crisis, they are now being asked to broaden their appeal. But the key aim has always been one of simply ensuring monetary and financial stability. In this book, NIESR director Jagjit Chadha unpacks the world of central banking, explaining in accessible language the analytical techniques, policy toolkits or simple story-telling that they use to understand the economy, to implement monetary policy and to communicate their decisions to key decision-makers and the wider public.

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9781108838610

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Reviews

'This wonderful book illuminates, entertains, explains and demystifies that most essential but rarely-understood entity, money. Above all, it demonstrates the link between money and the capacity of the state to tackle any collective problems: money fundamentally matters and so, therefore, do its minders in central banks. This book describes how central bankers think about their task, what models and evidence they use to make decisions about interest rates and other tools at their disposal - and also sets out how they should think about it.' Diane Coyle, University of Cambridge 'A book like this has been needed for a long time: a primer on money-credit theory and practice for the interested generalist, which is up to date, informed by theory without drowning in abstraction, engages with the hazards of policy making, and takes institutions seriously.' Paul Tucker, Harvard Kennedy School

Author Information

Professor Jagjit S. Chadha is Director of the National Institute of Economic and Social Research.

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