The International Journal of Central Banking (IJCB) is an economic research journal that began publication in 2005 after the decision of several Central Banks to create a professional journal for policymakers and researchers in the field of monetary policy. In July 2004, the Bank for International Settlements (BIS), the European Central Bank, and each of the Group of Ten (G-10) central banks announced their plans to support the development of a new publication focused on central bank theory and practice. Other central banks were invited to participate in this joint project, and there are now some 50 sponsoring institutions.
The primary objectives of the IJCB are to widely disseminate the best policy-relevant and applied research on central banking and to promote communication among researchers both inside and outside of central banks.
Federal Reserve Vice Chairman Roger W. Ferguson Jr. first proposed the idea of such a journal and discussed the concept with several BIS colleagues and with Federal Reserve Board Governor Ben S. Bernanke, who served as the initial managing editor. John B. Taylor, Professor of Economics at Stanford University, was appointed managing editor in September 2005. Frank Smets of the European Central Bank became managing editor in January 2008. John Williams of the Federal Reserve Bank of San Francisco took over as managing editor in January 2011. Loretta J. Mester of the Federal Reserve Bank of Cleveland took over as managing editor in June 2016. Luc Laeven of the European Central Bank became managing editor in January 2020. Bank of England Chief Economist Charlie Bean strongly supported the project, and the journal's governing body, comprising representatives from the sponsoring institutions, was established.
Luc Laeven now serves as managing editor along with 10 co-editors: Klaus Adam, Tobias Adrian, Boragan Aruoba, Huberto Ennis, Linda Goldberg, Òscar Jordà, Sharon Kozicki, Keith Kuester, Elena Loutskina, and Steven Ongena. The managing editor and co-editors solicit and review submitted articles across a range of disciplines reflecting the missions of central banks around the world. While featuring policy-relevant articles on any aspect of the theory and practice of central banking, the publication has a special emphasis on research bearing on monetary policy and financial stability.
The IJCB is a free publication available for download from the IJCB web site.[citation needed]
A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a state or formal monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the monetary base. Most central banks also have supervisory and regulatory powers to ensure the stability of member institutions, to prevent bank runs, and to discourage reckless or fraudulent behavior by member banks.
The Federal Reserve System is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics led to the desire for central control of the monetary system in order to alleviate financial crises. Over the years, events such as the Great Depression in the 1930s and the Great Recession during the 2000s have led to the expansion of the roles and responsibilities of the Federal Reserve System.
The Bank for International Settlements (BIS) is an international financial institution owned by central banks that "fosters international monetary and financial cooperation and serves as a bank for central banks". The BIS carries out its work through its meetings, programmes and through the Basel Process – hosting international groups pursuing global financial stability and facilitating their interaction. It also provides banking services, but only to central banks and other international organizations. It is based in Basel, Switzerland, with representative offices in Hong Kong and Mexico City.
In macroeconomics, the money supply refers to the total volume of money held by the public at a particular point in time in an economy. There are several ways to define "money", but standard measures usually include currency in circulation and demand deposits. The central bank of each country may use a definition of what constitutes money for its purposes.
Monetary policy is the policy adopted by the monetary authority of a nation to control either the interest rate payable for very short-term borrowing or the money supply, often as an attempt to reduce inflation or the interest rate, to ensure price stability and general trust of the value and stability of the nation's currency.
In economics, the monetary base in a country is the total amount of money created by the central bank. This includes:
Money creation, or money issuance, is the process by which the money supply of a country, or of an economic or monetary region, is increased. In most modern economies, money creation is controlled by the central banks. Money issued by central banks is termed base money. Central banks can increase the quantity of base money directly, by engaging in open market operations. However, the majority of the money supply is created by the commercial banking system in the form of bank deposits. Bank loans issued by commercial banks that practice fractional reserve banking expands the quantity of broad money to more than the original amount of base money issued by the central bank.
The Federal Reserve Bank of St. Louis is one of 12 regional Reserve Banks that, along with the Board of Governors in Washington, D.C., make up the United States' central bank. Missouri is the only state to have two main Federal Reserve Banks. Located in downtown St. Louis, the St. Louis Fed is the headquarters of the Eighth Federal Reserve District, which includes the state of Arkansas and portions of Illinois, Indiana, Kentucky, Mississippi, the eastern half of Missouri and West Tennessee. It has branches in Little Rock, Louisville and Memphis. Its building, at 411 Locust Street, was designed by St. Louis firm Mauran, Russell & Crowell in 1924. The Eighth District serves as a center for local, national and global economic research, and provides the following services: supervisory and regulatory services to state-member banks and bank holding companies; cash and coin-handling for the District and beyond; economic education; and community development resources.
Inflation targeting is a monetary policy where a central bank follows an explicit target for the inflation rate for the medium-term and announces this inflation target to the public. The assumption is that the best that monetary policy can do to support long-term growth of the economy is to maintain price stability, and price stability is achieved by controlling inflation. The central bank uses interest rates as its main short-term monetary instrument.
The Reserve Bank of Fiji (RBF) is the central bank of the Pacific island country of Fiji. The responsibilities of the RBF include issue of currency, control of money supply, currency exchange, monetary stability, promotion of sound finances, and fostering economic development.
Lawrence Henry White is an American economics professor at George Mason University who teaches graduate level monetary theory and policy. He is considered an authority on the history and theory of free banking. His writings support the abolition of the Federal Reserve System and the promotion of private and competitive banking.
George Selgin is an American economist. He is Senior Fellow and Director Emeritus of the Cato Institute's Center for Monetary and Financial Alternatives, where he is editor-in-chief of the center's blog, Alt-M, Professor Emeritus of economics at the Terry College of Business at the University of Georgia, and an associate editor of Econ Journal Watch. Selgin formerly taught at George Mason University, the University of Hong Kong, and West Virginia University.
The Central Bank of the United Arab Emirates is the state institution responsible for managing the currency, monetary policy and banking regulation in the United Arab Emirates.
Lawrence Joseph Christiano is an American economist and researcher. He is the Alfred W. Chase Chair in Business Institutions, former chairman of the Department of Economics and professor of economics at Northwestern University. He has also taught at Carnegie Mellon University and the University of Chicago.
Stephen G Cecchetti is an American economist who has been the Barbara and Richard M Rosenberg Professor of Global Finance at Brandeis International Business School. His principal fields of interest are macroeconomics, monetary economics, financial economics, monetary policy, central banking, and the supply of money.
Thomas MacGillivray Humphrey is an American economist. Until 2005 he was a research advisor and senior economist in the research department of the Federal Reserve Bank of Richmond and editor of the Bank's flagship publication, the Economic Quarterly. His publications cover macroeconomics, monetary economics, and the history of economic thought. Mark Blaug called him the "undisputed master" of British classical monetary thought.
Edward J. Kane is an American economist and writer. He is a long-time student of incentive conflict in financial regulation and in crisis-management policies. He contends that too-big-to-fail policies are rooted in the cultural norms of major central banks around the world.
A central bank digital currency (CBDC) is a digital currency issued by a central bank, rather than by a commercial bank.
Marvin Seth Goodfriend was an American economist. He was a professor of economics at Carnegie Mellon University. He was previously the director of research at the Federal Reserve Bank of Richmond. Following his 2017 nomination to the Federal Reserve Board of Governors, the White House decided to forgo renominating Goodfriend at the beginning of the new term.
Luc Laeven is a Dutch economist, Director-General of the Research Department of the European Central Bank 2015-present. Previously he held senior posts at the International Monetary Fund and the World Bank. He was also a Professor Finance at Tilburg University from 2009 to 2019. He has been a Research fellow at the Centre for Economic Policy Research in London since 2009.
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