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A Central Bank’s optimal balance sheet size?

Goodhart, Charles (2017) A Central Bank’s optimal balance sheet size? Discussion papers, DP12272. Centre for Economic Policy Research, London, UK.

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Identification Number: DP12272

Abstract

Unlike other facets of monetary policy renormalisation, there has been little discussion yet of what principles should determine the optimum size of a Central Bank's balance sheet, the end-point to which on-going portfolio reductions should approach. In this note I start by addressing the arguments of those who would leave this balance sheet very large, much as now; and then continue with the counter-arguments, also stressing the nature of the relationships between monetary and fiscal policies, and between the Central Bank and the Treasury's Debt Management Office.

Item Type: Monograph (Working Paper)
Official URL: http://cepr.org/
Additional Information: © 2017 The Author
Subjects: H Social Sciences > HG Finance
Sets: Research centres and groups > Financial Markets Group (FMG)
Date Deposited: 12 Sep 2017 10:56
Last Modified: 14 Sep 2017 09:21
URI: http://eprints.lse.ac.uk/id/eprint/84205

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