Inflation Targeting and Financial Stability Monetary Policy Challeng
Since the financial crisis of 2008/09, the world’s major central banks have been struggling to return their economies to higher growth and to reach their inflation targets. This concise book analyzes the importance of central bank policies for the economy
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Inflation Targeting and Financial Stability Monetary Policy Challenges for the Future
Inflation Targeting and Financial Stability
Michael Heise
Inflation Targeting and Financial Stability Monetary Policy Challenges for the Future
Michael Heise Allianz SE München, Bayern, Germany
ISBN 978-3-030-05077-1 ISBN 978-3-030-05078-8 (eBook) https://doi.org/10.1007/978-3-030-05078-8 Library of Congress Control Number: 2019930073 © Springer Nature Switzerland AG 2019 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. This Springer imprint is published by the registered company Springer Nature Switzerland AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
Foreword
The great financial crisis was a crisis of trust. Faith in liberal capitalism to generate fair outcomes was shattered; confidence in political and economic elites to govern the system was broken. The widespread loss of trust has become the trigger point for the populistic movements around the globe that today dominate the political landscape. One institution could escape the trust breakdown: central banks. This applies all the more so in Europe. The decisive monetary policy by the European Central Bank (ECB) not only averted financial Armageddon after Lehman but also saved the euro, Europe’s single currency—and thus kept the European dream of a united but diversified Europe alive. Trust is hard won but easily lost. The usefulness of ECB’s policy measures has long passed its peak. That’s the sobering conclusion of Michael Heise’s new book which analyzes monetary policies since the great financial crisis, based on his work as Allianz’s chief economist. This sounds like a dry exercise for experts. Far from it. Much more is at stake than just some technical questions of interest rate setting. Like it or not but the euro—and its underpinning monetary policy—is the touchstone of
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