Jump to ContentJump to Main Navigation
Central Banks into the BreachFrom Triumph to Crisis and the Road Ahead$
Users without a subscription are not able to see the full content.

Pierre L. Siklos

Print publication date: 2017

Print ISBN-13: 9780190228835

Published to Oxford Scholarship Online: August 2017

DOI: 10.1093/oso/9780190228835.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 15 January 2021

Moderation Before the Storm

Moderation Before the Storm

(p.1) 1 Moderation Before the Storm
Central Banks into the Breach

Pierre L. Siklos

Oxford University Press

This chapter provides an overview of the macroeconomic environment since 2000. The era is broken down into three periods: 2000–2006, 2007–2010, and 2011–present. Warnings of an imminent crisis were present before 2007, but generally they were ignored by self-satisfied policymakers. Pre-crisis, inflation control was the once rising and, seemingly, preeminent monetary policy strategy. A review, both pre- and post-GFC, of a wide variety of macroeconomic and financial indicators is included, with discussion of lesser known variables such as proxies for central bank communication and balance sheet indicators. These clearly enable us to identify interventions by central banks while also highlighting areas of continuing concern. In some respects (e.g. concerns about financial stability), everything has changed post-crisis, but in other respects (e.g. monetary policy strategy) fewer changes are apparent. The chapter concludes by arguing that there are reasons to be apprehensive about the current state of monetary policy and central banking.

Keywords:   global economy, central bank, asset price development, Great Recession, Great Moderation, macroprudential, headline inflation, emerging market economy, G8, Taylor Rule

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .