Central banking in the modern world : alternative perspectives

edited by Marc Lavoie (Professor Emeritus, University of Ottawa, Canada, Professor Emeritus, University of Sorbonne Paris Nord (CEPN), France and FMM Fellow, Institut für Makroökonomie, Düsseldorf, Germany) and Mario Seccareccia (Professor of Economics, University of Ottawa, Canada and Editor, International Journal of Political Economy)

Monetarism is dead! Central bankers are all Wicksellians now! They target low inflation rates, with no regard to monetary aggregates whatsoever, by acting upon short-term real rates of interest. This is the New Consensus in monetary economics, or simply the New Keynesian Synthesis. Yet, this synthesis still hinges on variants of the long-run vertical Phillips curve originally proposed by Milton Friedman, the father of old-line monetarism. Contributors to the volume question this New Consensus. While they agree that the money supply should be conceived as endogenous, they carefully examine the procedures pursued by central banks, the monetary policy transmission mechanisms suggested by central bankers themselves, and the assumptions imbedded in the New Consensus. They propose alternative analyses that clearly demonstrate the limits of modern central banking and point to the possible instability of monetary economies. Heterodox and orthodox monetary macroeconomists alike will find this illuminating book of great interest

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Year of publication:	2004
Other Persons:	Lavoie, Marc (ed.) ; Seccareccia, Mario (ed.)
Institutions:	Edward Elgar Publishing (publisher)
Publisher:	Cheltenham, UK : Edward Elgar Publishing
Subject:	Geldpolitik \| Monetary policy \| Zinspolitik \| Interest rate policy \| Theorie \| Theory \| Welt \| World \| Notenbank

Extent:	1 Online-Ressource (320 pages)
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Bibliografie ; Aufsatzsammlung
Language:	English
Notes:	Includes bibliographical references and index Contents: Introduction -- Part I: The new consensus -- 1. The new consensus on monetary policy seen from a post-Keynesian perspective -- 2. Central banking, stability and macroeconomic outcomes: A comparison of new consensus and post-Keynesian monetary macroeconomics -- 3. Interest rate operating procedures and income distribution -- 4. Monetary policy when money is endogenous: Going beyond the 'new consensus' -- Part II: Transmission mechanisms -- 5. Monetary dialogue and dogma at the bank of Canada: Inside -- 6. Interest rate policy at the bank of Canada: Setting the agenda -- 7. Modern central banks only have real effects -- 8. Central banking in the monetary circuit -- 9. Long-term interest rates, liquidity preference, and the limits of central banking -- 10. The role of monetary policy in post-Keynesian stock-flow consistent macroeconomic growth models -- Part III: Historical perspectives -- 11. The effectiveness of monetary policy in open economy macroeconomics: Dornbusch versus tobin -- 12. Minsky and tobin on the instability of a monetary economy -- 13. Considerations on allan h. Meltzer's history of the federal reserve -- 14. Central banking in early industrialization -- Index.
ISBN:	978-1-78195-869-8 ; 978-1-84376-641-4
Other identifiers:	10.4337/9781781958698 [DOI]
Classification:	Banken, Versicherungen
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10014474017