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Central Bank of Turkey; Centre for Economic Policy Research CEPR

October 28-29, 2010
14th CEPR/European Summer Institute Annual Conference on ???How Has Our View of Central Banking Changed with the Recent Financial Crisis???
Izmir, Central Bank of Turkey??s ??zdere Resort and Seminar Facilities, Turkey
The recent financial crisis has led to a plethora of new questions about the objectives, policy practices and tools of central banks, especially during and after crises. Whether the crisis has changed, or should change, our view of central banking, in particular about the degree of complementarity between liquidity management and interest rate setting functions of central banks has become an important question. A related, and much less investigated issue is how monetary policy in emerging economies should respond to the liquidity cycles arising from monetary policy implementation in developed countries. Other frequently debated issues are the exit strategies and their communication issues for the current policies. A broader topic is the general design of exit strategies for crisis responses and whether and how much to communicate these in advance. Going forward, another question is what, if any, new roles should there be for central banks concerning financial stability and asset prices. Monetary authorities?? responses to the information revealed by financial markets, asset prices and commodity prices and the conduct of policy in an environment with information frictions in financial markets are of particular concern. A final issue along the same vein is the use of models in policy decisions during and in the aftermath of the crisis. What are the challenges posed by the recent crisis regarding the usefulness of conventional forecasting and policy analysis models? How should the existing models be modified to provide a better support for monetary policy decisions before, during, and in the aftermath of financial crises? A substantial modeling effort in the coming years by central banks is likely to be devoted to questions along these lines. [gem?_?? den Informationen des Anbieters - according to site editor's information]
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