Redefining the Role of Central Banks

Abstract

The 2008 global economic crisis has brought about a fundamental change in economic policy thinking. After the crisis, central bank roles have changed and central banks are actively seeking their role in this new era. Besides the reconsideration of spe-cific policy measures, it is a fundamental element of the renewal of central banks to reassess the central bank philosophy underlying monetary policy. This study is intended to examine the change in monetary policy thinking based on the economic policy stance taken by major central banks in the aftermath of the crisis. In addition, it presents the theoretical correlations of the changing role of central banks through post-crisis measures.