Monetary Policy and Central Banking : New Directions in Post-Keynesian Theory

Monetary Policy and Central Banking : New Directions in Post-Keynesian Theory

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Overview

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.

Product Details

ISBN-13: 9781849807357
Publisher: Edward Elgar Publishing
Publication date: 09/12/2012
Pages: 272
Product dimensions: 6.40(w) x 9.30(h) x 0.80(d)

About the Author

Edited by Louis-Philippe Rochon, Full Professor, Laurentian University, Canada and Co-Editor of Review of Political Economy and Salewa 'Yinka Olawoye, Doctoral Student, University of Missouri-Kansas City, US

Table of 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

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