The effectiveness of a central bank's monetary policy depends on the incentives of its head and board members to pursue an efficient policy in the citizens interest. Today, however, these incentives are weakened by three kinds of regulations. First, in almost all countries, only nationals may be...

Financial stability features prominently among the goals of several post­crisis macroeconomic policies around the world. Being a systemic characteristic, financial stability requires a systemic analysis, which only macroeconomics can offer logically. Yet, the current way of doing macroeconomics...

The 2007-2009 financial crisis has raised again the question about the policy stance central banks ought to adopt in order to limit fluctuations in asset prices, which affect production activities and the economy as a whole. Despite the relevant number of analyses, no consensus has been reached...

Questo lavoro esamina la distinzione analitica che esiste tra la moneta e i depositi bancari, con particolare riferimento al funzionamento di una moderna economia monetaria di produzione. In generale, i teorici del circuito monetario considerano la moneta in quanto mezzo di pagamento, mentre gli...

Management of international monetary relations between China and the United States will be one of the crucial parameters for the stability or instability of the global financial system in the next decade. Although most of the literature suggests rebalancing through either adjustment of relative...