The Origins and Evolution of Central Banking
Conference held May 20-22, 2001
The Origins and Evolution of Central Banking was the inaugural conference of the Federal Reserve Bank of Cleveland Central Bank Institute. The conference explored why central banks evolved the structures they currently have and how central banks may need to evolve in the future to respond to changing financial market conditions. Papers were presented in three sessions: operational issues in modern central banking, monetary union, and private alternatives to central banks.
Papers Presented
Opening Remarks
Jerry Jordan, Federal Reserve Bank of Cleveland
Session 1: Operational Issues in Modern Central Banking
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Laboratory Experiments with an Expectational Phillips Curve
Jasmina Arifovic, Simon Fraser University
Thomas Sargent, Stanford University
Discussants: Chris Sims, Princeton University; Jim Bullard, Federal Reserve Bank of St. Louis -
Whither Central Banking?
Charles Goodhart, London School of Economics
Discussants: Mark Gertler, New York University; Don Kohn, Board of Governors
Session 2: Monetary Union
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Monetary Policy in Unknown Territory: The European Central Bank in the Early Years
Matthias Brückner and Jürgen von Hagen
Center for European Integration Studies
Discussants: Steve Cecchetti, The Ohio State University; Vitor Gaspar, European Central Bank -
Monetary Policy with International Currencies and the Road to Dollarization
Alberto Trejos, INCAE
Discussants: Ross Levine, University of Minnesota; Klaus Schmidt-Hebbel, Central Bank of Chile
Session 3: Private Alternatives to Central Banks
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Panics, Bank Coalitions, and the Origins of Central Banking
Gary Gorton and Lixin Huang, University of Pennsylvania
Discussants: John Boyd, University of Minnesota; Ed Green, Federal Reserve Bank of Chicago -
Establishing a Monetary Union in the United States
Arthur Rolnick, Federal Reserve Bank of Minneapolis
Bruce Smith, University of Texas
Warren Weber, Federal Reserve Bank of Minneapolis
Discussants: Neil Wallace, The Pennsylvania State University; Bruce Champ, Federal Reserve Bank of Cleveland -
Currency Competition in the Digital Age
Randy Kroszner, University of Chicago
Discussants: Jeremy Stein, Harvard University; Jeff Lacker, Federal Reserve Bank of Richmond
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