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 (Great Britain), London, UK.

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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:	Monograph (Working Paper)
Official URL:	http://cepr.org/
Additional Information:	© 2017 The Author
Divisions:	Financial Markets Group
Subjects:	H Social Sciences > HG Finance
Date Deposited:	12 Sep 2017 10:56
Last Modified:	11 Dec 2024 19:25
URI:	http://eprints.lse.ac.uk/id/eprint/84205

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