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Monetary Policy and Central Banking
New Directions in Post-Keynesian Theory
9781849807357 Edward Elgar Publishing
Divided into two parts, this book presents a detailed, multi-faceted analysis of banking and monetary policy. The first part examines the role of central banks within an endogenous money framework. These chapters address post-Keynesian interest rate policy, monetary mercantilism, financial market organization and developing economies. In the second part of the book, the focus switches to the analysis of the financial crisis that began in 2007. The chapters in this section discuss the role of central banks in times of crisis.
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Contributors
Contents
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Has the economic and financial crisis changed the way we conduct monetary policy? Is quantitative easing consistent with the endogeneity of money? These are but two of the questions this new book explores. The various contributors offer interesting and new perspectives on the conduct of monetary policy during the crisis, and provide sharp criticism of central bank policies in the US and Europe.
Divided into two parts, this book presents a detailed, multi-faceted analysis of banking and monetary policy. The first part examines the role of central banks within an endogenous money framework. These chapters address post-Keynesian interest rate policy, monetary mercantilism, financial market organization and developing economies. In the second part of the book, the focus switches to the analysis of the financial crisis that began in 2007. The chapters in this section discuss the role of central banks in times of crisis.
Monetary Policy and Central Banking is a must read for all those interested in the critical analysis of monetary policy. Students and scholars of post-Keynesian economics, banking, and financial crises will find this book of particular relevance.
Divided into two parts, this book presents a detailed, multi-faceted analysis of banking and monetary policy. The first part examines the role of central banks within an endogenous money framework. These chapters address post-Keynesian interest rate policy, monetary mercantilism, financial market organization and developing economies. In the second part of the book, the focus switches to the analysis of the financial crisis that began in 2007. The chapters in this section discuss the role of central banks in times of crisis.
Monetary Policy and Central Banking is a must read for all those interested in the critical analysis of monetary policy. Students and scholars of post-Keynesian economics, banking, and financial crises will find this book of particular relevance.
Contributors
Contributors: A. Asensio, J. Bibow, R. Dimand, R. Guttmann, E. Kam, R. Koehn, M. Lavoie, E. Le Heron, N. Levy-Orlik, W. Mosler, S. Olawoye, L.-P. Rochon, M. Seccareccia, M. Setterfield, J. Smithin, D. Tropeano, K. von Seekamm
Contents
Contents:
Introduction
Louis-Philippe Rochon and Salewa ’Yinka Olawoye
PART I: CENTRAL BANKING AND MONETARY POLICY
1. Between the Cup and the Lip: On Post Keynesian Interest Rate Rules and Long-term Interest Rate Management
Angel Asensio
2. Stabilization Policy with an Endogenous Commercial Bank
Mark Setterfield and Kurt von Seekamm
3. Capitalism in One Country? A Re-examination of Mercantilist Systems from the Financial Point of View
Eric Kam and John Smithin
4. Proposals for the Banking System, the FDIC, the Fed, and the Treasury
Warren Mosler
5. Financial Market Organizations, Central Banks and Credits: The Experience of Developing Economies
Noemi Levy-Orlik
PART II: CENTRAL BANK POLICY IN TIMES OF CRISIS
6. Financial Crisis, State of Confidence, and Economic Policies in a Post Keynesian Stock-flow Consistent Model
Edwin Le Heron
7. Central Bank Responses to Financial Crises: Lenders of Last Resort in Interesting Times
Robert Dimand and Robert Koehn
8. Central Banking in a Systemic Crisis: The Federal Reserve’s ‘Credit Easing’
Robert Guttmann
9. Monetary Policy in a Period of Financial Chaos: The Political Economy of the Bank of Canada in Extraordinary Times
Marc Lavoie and Mario Seccareccia
10. The Euro and its Guardian of Stability: Fiction and Reality of the 10th Anniversary Blast
Jörg Bibow
11. Quantitative Easing in the United States After the Crisis: Conflicting Views
Domenica Tropeano
Index
Introduction
Louis-Philippe Rochon and Salewa ’Yinka Olawoye
PART I: CENTRAL BANKING AND MONETARY POLICY
1. Between the Cup and the Lip: On Post Keynesian Interest Rate Rules and Long-term Interest Rate Management
Angel Asensio
2. Stabilization Policy with an Endogenous Commercial Bank
Mark Setterfield and Kurt von Seekamm
3. Capitalism in One Country? A Re-examination of Mercantilist Systems from the Financial Point of View
Eric Kam and John Smithin
4. Proposals for the Banking System, the FDIC, the Fed, and the Treasury
Warren Mosler
5. Financial Market Organizations, Central Banks and Credits: The Experience of Developing Economies
Noemi Levy-Orlik
PART II: CENTRAL BANK POLICY IN TIMES OF CRISIS
6. Financial Crisis, State of Confidence, and Economic Policies in a Post Keynesian Stock-flow Consistent Model
Edwin Le Heron
7. Central Bank Responses to Financial Crises: Lenders of Last Resort in Interesting Times
Robert Dimand and Robert Koehn
8. Central Banking in a Systemic Crisis: The Federal Reserve’s ‘Credit Easing’
Robert Guttmann
9. Monetary Policy in a Period of Financial Chaos: The Political Economy of the Bank of Canada in Extraordinary Times
Marc Lavoie and Mario Seccareccia
10. The Euro and its Guardian of Stability: Fiction and Reality of the 10th Anniversary Blast
Jörg Bibow
11. Quantitative Easing in the United States After the Crisis: Conflicting Views
Domenica Tropeano
Index
