Abstract

1. Challenges for Central Banking: An Introduction.- 2. Financial Stability, Regulation, Supervision, and Modern Central Banking.- 3. Regulation and the Evolution of the Financial Services Industry.- 4. Regulatory Capital and the Supervision of Financial Institutions: Some Basic Distinctions and Policy Choices.- 5. Central Bank Supervision in the Digital Age.- 6. Central Banks and Supervision with an Application to the EMU.- 7. Clearing and Settling Financial Transactions, Circa 2000.- 8. Central Banks and the Payment System.- 9. Central Banking and the Economics of Information.- 10. Designing a Monetary Authority.- 11. Maintaining Low Inflation: Rationale and Reality.- 12. Monetary Transmission Lags and the Formulation of the Policy Decision on Interest Rates.- 13. Shrinking Money and the Effectiveness of Monetary Policy.- 14. Bank Credit versus Nonbank Credit and the Supply of Liquidity by the Central Bank.

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