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RBA Glossary definition for central bank

central bank – A non-commercial bank, which may or may not be independent of government, which has some or all of the following functions: conduct monetary policy; oversee the stability of the financial system; issue currency notes; act as banker to the government; supervise financial institutions and regulate payments systems.

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China's Evolving Monetary Policy Framework in International Context

1 Dec 2019 RDP 2019-11
Bradley Jones and Joel Bowman
banks. Prior to the establishment of the PBC in 1948, the Bank of China (the oldest ‘living’ bank in China) had served as a quasi-central bank between 1912 and 1928 ... More in keeping with most central banks in advanced economies (the exceptions
https://www.rba.gov.au/publications/rdp/2019/2019-11/full.html

China's Evolving Monetary Policy Framework in International Context

9 Dec 2019 RDP 2019-11
Bradley Jones and Joel Bowman
Third, elements of The People's Bank of China's communication framework are broadly evolving along the lines observed elsewhere, with remaining exceptions mostly a result of China's unique institutional ... Reserve Bank of Australia, 2001–2024. All
https://www.rba.gov.au/publications/rdp/2019/2019-11.html

References

9 Dec 2019 RDP 2019-11
Bradley Jones and Joel Bowman
Cukierman A (1992), Central Bank Strategy, Credibility, and Independence: Theory and Evidence, The MIT Press, Cambridge. ... Dincer NN and B Eichengreen (2014), ‘Central Bank Transparency and Independence: Updates and New Measures’, International
https://www.rba.gov.au/publications/rdp/2019/2019-11/references.html

Communication

9 Dec 2019 RDP 2019-11
Bradley Jones and Joel Bowman
Speeches and press conferences – PBC officials now regularly give speeches at public conferences and international central bank fora. ... Source: Central banks. Nevertheless, PBC communication also retains some important differences compared to
https://www.rba.gov.au/publications/rdp/2019/2019-11/communication.html

Conclusion

9 Dec 2019 RDP 2019-11
Bradley Jones and Joel Bowman
Moreover, China's preferred model of institutional and economic development is likely to preclude convergence of its policy framework with advanced economy central banks even in the longer term. ... Reserve Bank of Australia, 2001–2024. All rights
https://www.rba.gov.au/publications/rdp/2019/2019-11/conclusion.html

Monetary Policy Transmission

9 Dec 2019 RDP 2019-11
Bradley Jones and Joel Bowman
To be effective, the operational targets of a central bank need to be controllable and display a reliable relationship with intermediate targets. ... policies), it may be that standard incentive misalignment and commitment problems cited in the
https://www.rba.gov.au/publications/rdp/2019/2019-11/monetary-policy-transmission.html

Introduction

9 Dec 2019 RDP 2019-11
Bradley Jones and Joel Bowman
The concept of ‘constrained discretion’ therefore applies to the PBC in a fundamentally different context vis-à-vis advanced economy central banks, with operational autonomy restricted to more technical aspects of ... concerted opposing response
https://www.rba.gov.au/publications/rdp/2019/2019-11/introduction.html

China's Evolving Monetary Policy Framework in International Context

1 Dec 2019 RDP 2019-11
Bradley Jones and Joel Bowman
Bradley Jones and Joel Bowman. December 2019. 358. KB. The authors are grateful for comments from seminar participants at the Reserve Bank of Australia and Bank of England, and for suggestions ... The views expressed in this paper are our own and do not
https://www.rba.gov.au/publications/rdp/2019/2019-11/sections.html

Non-technical summary for ‘China's Evolving Monetary Policy Framework in International Context’

1 Dec 2019 RDP 2019-11
Bradley Jones and Joel Bowman
Indeed, China's preferred model of institutional and economic development is likely to limit convergence of its policy framework with advanced economy central banks even in the longer-term. ... and commitment problems cited in the literature on central
https://www.rba.gov.au/publications/rdp/2019/2019-11/non-technical-summary.html

The Institutional Design Framework for Monetary Policy

9 Dec 2019 RDP 2019-11
Bradley Jones and Joel Bowman
A more prominent role for central bank accountability and transparency emerged from the era in which central banks were awarded independence over the conduct of monetary policy by democratically elected politicians. ... More in keeping with most central
https://www.rba.gov.au/publications/rdp/2019/2019-11/the-institutional-design-framework-for-monetary-policy.html