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Central Banking in Turbulent Times - Oxford Scholarship Online
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Central Banking in Turbulent Times

Francesco Papadia and Tuomas Välimäki


The book describes the long and difficult process that led to the central banking model prevailing in most advanced economies at the end of last century. The critical institutional basis of that model is an independent central bank with price stability as its dominant objective. The book, which looks in particular at the Federal Reserve of the United States (Fed) and at the European Central Bank (ECB), also presents the essential components of that model, while noting that financial stability did not fit well in it and was the neglected child of central banks before the Great Recession. The bo ... More

Keywords: central banks, Federal Reserve of the United States, European Central Bank, Great Recession, financial stability, price stability

Bibliographic Information

Print publication date: 2018 Print ISBN-13: 9780198806196
Published to Oxford Scholarship Online: April 2018 DOI:10.1093/oso/9780198806196.001.0001


Affiliations are at time of print publication.

Francesco Papadia, author
Senior Fellow, Bruegel

Tuomas Välimäki, author
Chief Economist, Bank of Finland