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The optimal size for central bank balance sheets

Goodhart, Charles (2017) The optimal size for central bank balance sheets. Central Banking, XXVIII (2). pp. 128-135. ISSN 0960-6319

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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: Article
Official URL: https://www.centralbanking.com/source/central-bank...
Additional Information: © 2017 Central Banking Publications
Divisions: Financial Markets Group
Subjects: H Social Sciences > HG Finance
JEL classification: E - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit > E50 - General
E - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit > E52 - Monetary Policy (Targets, Instruments, and Effects)
E - Macroeconomics and Monetary Economics > E6 - Macroeconomic Policy Formation, Macroeconomic Aspects of Public Finance, Macroeconomic Policy, and General Outlook > E63 - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization
H - Public Economics > H6 - National Budget, Deficit, and Debt > H63 - Debt; Debt Management
Sets: Collections > Economists Online
Research centres and groups > Financial Markets Group (FMG)
Date Deposited: 04 Jan 2018 14:02
Last Modified: 31 Jul 2019 23:07
URI: http://eprints.lse.ac.uk/id/eprint/86380

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