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Blinder considers three of the most significant aspects of the revolution. The first is the shift toward transparency: whereas central bankers once believed in secrecy and even mystery, greater openness is now considered a virtue. The second is the transition from monetary policy decisions made by single individuals to decisions made by committees. The third change is a profoundly different attitude toward the markets, from that of stern schoolmarm to one of listener. With keenness and balance, the author examines the origins of these changes and their pros and cons.
|List of Illustrations|
|Ch. 1||Through the Looking Glass: Central Bank Transparency||5|
|Ch. 2||Ex Uno Plures: Central Banking by Committee||34|
|Ch. 3||Following the Leader: The Central Bank and the Markets||65|
|Conclusion: Thoroughly Modern Central Banking||98|