Central banking has a long and colourful history from which important lessons can be drawn. This book reviews the policy objectives and financial operations of 25 central banks established before 1800 to show that many of today's central banking controversies date as far back as this time.
Focusing on the mechanisms of monetary policy, this book provides insights into how central banks conduct market operations under normal conditions and during financial crises. It details the essential actions required for maintaining monetary policy and ensuring financial stability, particularly when markets and banks face disruptions. The exploration of both routine operations and crisis management highlights the critical role of central banks in the economy.
This open access book gives a concise introduction to the practical implementation of monetary policy by modern central banks.
Rudolf Richter is one of the leading pioneers in the field of the New Institutional Economics in Germany. The articles in this Festschrift were written by renowned scholars from Germany and other countries. In addition to general perspectives on the New Institutional Economics, the Festschrift also contains articles on the theory of the firm, economic contract theory, on pricing and competition, macroeconomics and monetary economics and on various aspects of law and economics.