Central Banking in the Modern World: Alternative Perspectives
Marc Lavoie, Mario Seccareccia
Edward Elgar Publishing, Jan 1, 2004 - Business & Economics - 296 pages
'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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1 The New Consensus on Monetary Policy Seen from a PostKeynesian Perspective
A Comparison of New Consensus and PostKeynesian Monetary Macroeconomics
3 Interest Rate Operating Procedures and Income Distribution
Going Beyond the New Consensus
Inside Evidence Revisited
Setting the Agenda
7 Modern Central Banks Only Have Real Effects
10 The Role of Monetary Policy in Post Keynesian StockFlow Consistent Macroeconomic Growth Models
Dornbusch versus Tobin
12 Minsky and Tobin on the Instability of a Monetary Economy
13 Considerations on Allan H Meltzers History of the Federal Reserve
14 Central Banking in Early Industrialization
8 Central Banking in the Monetary Circuit
9 LongTerm Interest Rates Liquidity Preference and the Limits of Central Banking
aggregate demand analysis Arestis argued assumed assumptions Bank B2 Bank of Canada bank's behaviour Cambridge Canadian capital causal central bank money changes chapter consensus model debt determined domestic economists Edward Elgar empirical endogenous money equation equities exogenous expectations Federal Reserve fiat money financial markets Friedman growth rates households impact income increase inflation rate inflation target interbank investment IROP Keynes Lavoie liquidity loans long-run long-term bonds long-term rates macroeconomics Meltzer Minsky Minsky's Monetary Economics monetary policy monetary theory money market money supply NAIRU natural rate NC model neoclassical nominal interest rates open economy overnight rate payment Phillips curve PK model post-Keynesian price level profits quantity theory rate of growth rate of inflation rate of interest rate of return real interest rate real rate result role Seccareccia Second Bank sector Setterfield settlement balances shock short-term Smithin stability Tobin transmission mechanism Treasury bills variables wages Wicksellian zero