Central Banking in the Modern World: Alternative Perspectives

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Marc Lavoie, Mario Seccareccia
Edward Elgar Publishing, Jan 1, 2004 - Business & Economics - 296 pages
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'The book provides a good variety of articles capable of satisfying different readers regarding central banking.'
- Eric Tymoigne, Journal of Economic Issues
According to the New Consensus in monetary economics, monetarism is dead and central bankers target low inflation rates by acting upon short-term real rates of interest. Yet, this synthesis hinges on variants of the long-run vertical Phillips curve originally proposed by Milton Friedman, the father of old-line monetarism. Contributors to this 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.
  

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Contents

1 The New Consensus on Monetary Policy Seen from a PostKeynesian Perspective
15
A Comparison of New Consensus and PostKeynesian Monetary Macroeconomics
35
3 Interest Rate Operating Procedures and Income Distribution
57
Going Beyond the New Consensus
70
TRANSMISSION MECHANISMS
89
Inside Evidence Revisited
91
Setting the Agenda
112
7 Modern Central Banks Only Have Real Effects
127
10 The Role of Monetary Policy in Post Keynesian StockFlow Consistent Macroeconomic Growth Models
183
HISTORICAL PERSPECTIVES
209
Dornbusch versus Tobin
211
12 Minsky and Tobin on the Instability of a Monetary Economy
226
13 Considerations on Allan H Meltzers History of the Federal Reserve
244
14 Central Banking in Early Industrialization
262
Name Index
283
Subject Index
289

8 Central Banking in the Monetary Circuit
144
9 LongTerm Interest Rates Liquidity Preference and the Limits of Central Banking
164

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