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by Mustapha Akinkunmi
Central Bank Balance Sheet and Real Business Cycles
Cover
Title Page
Copyright
Dedication
Contents
Chapter 1: Global Genesis of the Central Bank
1.1 Origin of the Central Bank
1.2 Roles of the Central Bank
Questions
Chapter 2: Relevance of the Central Bank Balance Sheet
2.1 Understanding Relevance of Central Bank Balance Sheet in Functions of Economy
2.1.1 Similarities and Differences between a Company’s Balance Sheet and a Central Bank Balance Sheet
2.2 Trajectory Relevance of the Central Bank Balance Sheet
2.3 Externality of the Central Bank Balance Sheet Size
Questions
Chapter 3: Components of Central Bank Balance Sheets
3.1 Factors Influence the Reporting Frequency of Central Bank Balance Sheets
3.2 Components of Central Bank Assets and their Composition Analysis
3.2.1 Foreign Assets
3.3 Components of Central Bank Liabilities and their Composition Analysis
3.3.1 Banknotes
3.3.2 Commercial Bank Reserves
3.3.3 Capital
Questions
Chapter 4: Analytical Framework of Central Bank Balance Sheets
4.1 Structure of Central Bank Balance Sheets
4.2 Balance Sheet Indicators
4.2.1 Computation of Indicators
4.2.2 Significance of these Indicators
4.2.3 Underlying Assumptions of Four Indicators
4.3 Determinants of Central Bank Balance Sheet Composition
4.4 Classification of Central Bank Balance Sheet Components
4.5 Theoretical Landscape: Quantity Theory of Money versus Quality Theory of Money
4.5.1 Quantity Theory of Money
4.5.2 Quality Theory of Money
Questions
Chapter 5: Evolution of Central Bank Balance Sheets and Their Heterogeneous Dimensions
5.1 What Makes Central Bank Balance Sheets Special?
5.2 Historic Uses of Central Bank Balance Sheets
5.3 Composition of Central Bank Balance Sheet Liabilities
5.3.1 Central Bank Liabilities in Normal Times
5.3.2 Snapshot of Selected Economies’ Performance before the 2007–2008 Crisis
5.3.3 Country-by-Country Snapshots of Economic Structure Since 2005
5.3.4 A Look at the Balance Sheets: 2005 and 2006
5.3.5 Snapshot of Selected Economies’ Performance during the 2007–2008 Crisis
5.3.6 Snapshot of Selected Economies’ Performance Today
5.3.7 Central Bank Liabilities Today
Conclusion
Questions
Chapter 6: Composition of Central Bank Balance Sheet Assets
6.1 Central Bank Assets in Normal Times
6.1.1 Central Bank Assets of Emerging Economies
6.2 Central Bank Assets During the 2007–2008 Crisis
6.2.1 Central Bank Assets of Developing and Emerging Economies during the 2007–2008 Crisis
6.3 Central Bank Assets Today
6.3.1 Central Bank Assets of Emerging Economies Today
6.4 Asset-Side Composition and Economic Growth Nexus
6.4.1 Asset-Growth Nexus before the 2007–2008 Crisis
6.4.2 Asset-Growth Nexus during the 2007–2008 Crisis
6.4.3 Asset-Growth Nexus after the 2007–2008 Crisis
6.5 The Evolution of Central Bank Balance Sheets in the Future
Questions
Chapter 7: Financial Ratios of the Central Bank Balance Sheet
7.1 International Strength
7.2 External Strength Ratio
7.3 External Impact Ratio
7.4 Liquidity Ratios I, II, and III
7.4.1 Liquidity Ratio I
7.4.2 Liquidity Ratio II
7.4.3 Liquidity Ratio III
7.5 Equity Ratio
Questions
Chapter 8: Central Bank Operations
8.1 Types of Central Bank Operations
8.1.1 Supply Liquidity
8.1.2 Absorb Excess Liquidity
8.1.3 Asset Securities
8.1.4 Off Balance Swap
8.2 Central Bank Policy Instruments
8.2.1 Open Market Operations
8.2.2 Reserve Requirements
8.2.3 Discount Rate
8.2.4 Money Market Investor Funding Facility
8.2.5 Term Auction Facility
8.2.6 Commercial Paper Funding Facility
8.2.7 Primary Dealer Credit Facility
8.2.8 Recap of Policy Instruments
Questions
Chapter 9: Real Business Cycles
9.1 The RBC Model
9.1.1 Features of RBC Models
9.1.2 Basic Economic Factors
9.1.3 Fluctuations in the Business Cycle
9.1.4 Boom and Recession
9.2 Concept of RBCs Applied to Economic Policy
9.3 Techniques of Estimating RBCs
9.4 Methods to Estimate Potential Output and Output Gaps
9.4.1 Trending Methods
9.4.2 Univariate Filters Method
9.4.3 Multivariate Filters
9.4.4 Production Function Approaches
9.4.5 Criteria for Evaluating Different Methods of Estimating Potential Output
Questions
Chapter 10: Central Bank Balance Sheets and Real Business Cycles
10.1 Linkages between Central Bank Balance Sheets and Real Business Cycles
10.1.1 Monetary Policies and Business Cycles
10.1.2 Identifying an Acceptable Range of Values
10.1.3 Asset Transparency
10.2 Impact Evaluation of Central Bank Balance Sheets on Economic Environment
10.2.1 Central Bank Balance Sheets and Debt Management
10.2.2 Modeling Challenges Confronting Central Bank Balance Sheets
Questions
Chapter 11: Conclusion
Questions Left Unanswered: Areas for Future Research
Policy Debates
Appendix I: Central Bank Balance Sheets of Different Countries
Asia Region
Malaysia’s Central Bank Balance Sheets for the Month of February 2018
Monetary Authority of Singapore
Africa Region
Nigeria’s Central Bank Balance Sheets for the Month of November 2017
South America
Central Reserve Bank of Peru
Brazil
Chile
Argentina
North America
Mexico
Canada
United States
Appendix II: Abbreviations
References
Index
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