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Central Bank Policy: Theory and Practice analyses policies and practices adopted by central banks globally, as well as the institutional arrangements underlying the principles of good governance in policymaking.
Discussion focuses on philosophical and conceptual theories that have key implications for central bank policy making and findings are supported by relevant quantitative analyses and case studies reflecting recent issues with respect to centralized financial policy making, including the adoption of the Inflation Targeting Framework in Indonesia.
The book bridges the gap between theory and practice within the central bank policy framework by going beyond the rapidity of theoretical developments to address lesser known and understood policy practices, such as the Flexible Inflation Targeting Framework and macroprudential policy.
With wide ranging scope and in-depth materials presented, alongside the authors' extensive experiences and involvement in the policymaking process at Bank Indonesia,Central Bank Policy is a vital practical tool and reference aid for policymakers, practitioners and academic researchers in the area of financial, banking, and monetary policies.
'When a pure academic writes a book, it lacks practical knowledge and connections; when a pure policy maker writes a book, it lacks academic rigor; but, when an academic who is also an experienced policy maker writes a book, the resultant is a balanced book. It is this balance that the literature lacks and for this reason alone this book, by two experienced academics who have decades of central banking policy making experience, will remain unique.'
— Professor Paresh Kumar Narayan, Alfred Deakin Professor, Deakin University
Perry Warjiyo is currently the Governor of Bank Indonesia. He has an established and distinguished career serving Bank Indonesia since 1984. His contributions are primarily in economic and monetary policy research, international issues, organizational transformation and monetary policy strategies, education and research on central banks, and management of foreign reserves and external debts.;
Solikin M. Juhro is an Executive Director and the Head of Bank Indonesia Institute, Bank Indonesia. In his distinguished career at Bank Indonesia, spanning more than 20 years, he has been extensively involved with monetary economic policy research and analysis, speaking at various national and international conferences, and is an Editor of the Bulletin of Monetary Economics and Banking.
PART I. GENERAL REVIEWChapter 1: Introduction;
Chapter 2: Central Bank Evolution and Reform;
PART II. MONETARY POLICY AND ECONOMY;
Chapter 3. The Role of Money and Monetary Policy in the Economy;
Chapter 4. Exchange Rates and the Economy;
Chapter 5. Monetary Policy Transmission Mechanism;
PART III. MONETARY POLICY FRAMEWORK;
Chapter 6. Monetary Policy Strategy Framework;
Chapter 7. Monetary Policy Operational Framework;
Chapter 8. Inflation Targeting Framework: Concept and Implementation at Central Banks;
Chapter 9. Inflation Targeting Framework: Implementation in Indonesia;
PART IV. INSTITUTIONAL ASPECT OF CENTRAL BANK POLICY
Chapter 10. Monetary Policy Credibility and Time Consistency;
Chapter 11. Central Bank Independence and Accountability;
Chapter 12. Policy Transparency and Communication Strategy;
PART V. NEW PARADIGM OF CENTRAL BANK POLICY
Chapter 13. Monetary Policy and Foreign Capital Flows;
Chapter 14. Macroprudential Policy and Financial System Stability;
Chapter 15. Central Bank Policy Mix