Central Banking in the Modern World: Alternative PerspectivesMarc Lavoie, Mario Seccareccia '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 cent |
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Results 1-5 of 13
Page 36
... model depends crucially on the precise conduct of monetary policy , owing to the fact that the central bank is ... ( NC ) model was born of a desire to incorporate an interest rate operating procedure ( IROP ) into new Keynesian ...
... model depends crucially on the precise conduct of monetary policy , owing to the fact that the central bank is ... ( NC ) model was born of a desire to incorporate an interest rate operating procedure ( IROP ) into new Keynesian ...
Page 37
... NC model . Equation ( 2.2 ) is essentially a Phillips curve that describes the determination of inflation in a manner consistent with the emphasis of new Keynesianism on natural rate theory and nominal inertia . Hence according to this ...
... NC model . Equation ( 2.2 ) is essentially a Phillips curve that describes the determination of inflation in a manner consistent with the emphasis of new Keynesianism on natural rate theory and nominal inertia . Hence according to this ...
Page 38
... NC model reveals that this model is characterised by a supply - determined equilibrium growth rate and the long - run neutrality of money . The NC model , then , is imbued with some familiar classical macroeconomic properties . And yet ...
... NC model reveals that this model is characterised by a supply - determined equilibrium growth rate and the long - run neutrality of money . The NC model , then , is imbued with some familiar classical macroeconomic properties . And yet ...
Page 39
... NC model . This much is well known . But an important corollary of the endogeneity of m is that ceteris paribus , any increase in ะป will result in an increase in m of equal magnitude . To put it differently , the rate of growth of real ...
... NC model . This much is well known . But an important corollary of the endogeneity of m is that ceteris paribus , any increase in ะป will result in an increase in m of equal magnitude . To put it differently , the rate of growth of real ...
Page 40
... NC model provides no definite answers . 12 3. THE POST - KEYNESIAN ALTERNATIVE We now turn to the development of the post - Keynesian ( PK ) model . As will quickly become clear , any superficial similarity between the NC and PK models ...
... NC model provides no definite answers . 12 3. THE POST - KEYNESIAN ALTERNATIVE We now turn to the development of the post - Keynesian ( PK ) model . As will quickly become clear , any superficial similarity between the NC and PK models ...
Contents
15 | |
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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Common terms and phrases
aggregate demand analysis Arestis argued 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 rate households impact income increase inflation rate inflation target interbank investment IROP Journal of Economics Keynes Lavoie loans long-run long-term bonds long-term rates macroeconomics Meltzer Minsky Minsky's Monetary Economics monetary policy 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 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
References to this book
Handbook of Research on Writing: History, Society, School, Individual, Text Charles Bazerman No preview available - 2008 |