By Louis-Philippe Rochon, Salewa 'Yinka Olawoye
Has the commercial and monetary concern replaced the best way we behavior financial coverage? Is quantitative easing in keeping with the endogeneity of cash? those are yet of the questions this new publication explores. a number of the individuals provide fascinating and new views at the behavior of financial coverage in the course of the main issue, and supply sharp feedback of important financial institution rules within the US and Europe.
Divided into components, this ebook provides an in depth, multi-faceted research of banking and financial coverage. the 1st half examines the position of principal banks inside an endogenous cash framework. those chapters deal with post-Keynesian rate of interest coverage, financial mercantilism, monetary industry association and constructing economies. within the moment a part of the booklet, the point of interest switches to the research of the monetary hindrance that begun in 2007. The chapters during this part speak about the position of valuable banks in occasions of crisis.
Monetary coverage and crucial Banking is a needs to learn for all these attracted to the severe research of economic coverage. scholars and students of post-Keynesian economics, banking, and fiscal crises will locate this ebook of specific relevance.
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, ok. von Seekamm.
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Extra resources for Monetary Policy and Central Banking: New Directions in Post-Keynesian Theory
Of course, at the macroeconomic level there must be an impact on the factor costs (capital goods, oil, indexed wages, and so on) if the production prices are to be increased. In accordance with the discussion above, if the liquidity withdrawing process is not rapid enough to offset the decrease in liquidity preference, temporary inflationary pressures may develop until it is achieved. This solution could also further damage the financial system, as discussed above. See Le Héron (2006, 2007) for an analysis of Alan Greenspan’s strategy in terms of confidence versus credibility.
3. 4. The current depression is damaging the public accounts both because of the expenditures that are automatically and/or deliberately triggered by the economic slump and because of the decrease in government fiscal revenues. This is impacting on the state of confidence both directly (for increases in public debts make economic agents expect possible future taxes and/or inflation18 aimed at reducing the real value of the debt) and indirectly (for authorities’ capacity to support the economic activity will be harmed by a higher public debt).
18. Monetary policy and central banking According to Keynes, “The social philosophy towards which the General Theory might lead” (Keynes, 1936: 374–7) focuses on our ability to manage the rate of interest so as to rise the inducement to invest to the level where, given the aggregate propensity to consume (including the state), full employment holds. Now, insofar as the accumulation of capital decreases the marginal efficiency of capital, a decrease in the long-term interest rate will be necessary in the long run.