Abstract
This chapter provides an overview of the role of central banks within the economy. In particular, the corresponding connections are discussed by looking at the monetary flows between the central bank, the financial system, the public sector, firms, and households.
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Note that particularly in the United States, the term ‘currency’ is often used in the narrower sense of banknotes (or ‘currency notes’) and coins. The following discussion uses ‘currency’ in a broader sense that includes the reserves held by financial institutions in their accounts at the central bank. Physical forms of currency, e.g. banknotes and coins, are henceforth referred to as ‘cash’.
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Herger, N. (2019). Introduction. In: Understanding Central Banks. Springer, Cham. https://doi.org/10.1007/978-3-030-05162-4_1
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DOI: https://doi.org/10.1007/978-3-030-05162-4_1
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Publisher Name: Springer, Cham
Print ISBN: 978-3-030-05161-7
Online ISBN: 978-3-030-05162-4
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