Designing a central bank: Social player,monetary agent,or banking agent? |
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Authors: | Donato Masciandaro |
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Institution: | (1) Paolo Baffi Centre and IGIER, Bocconi University, Milan, Italy |
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Abstract: | This paper reviews recent advances on the role of the central bank in the money supply process and its effects on inflation. The literature is presented according to a three-stage process, with the central bank acting first as social player, then as monetary agent, and finally as a combined monetary and banking agent. |
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Keywords: | central banking monetary policy inflation bank regulation |
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