Monetarism is dead Central bankers are all Wicksellians now They target low
inflation rates, with no regard to monetary aggregates whatsoever, by acting upon short
term real rates of interest. This is the New Consensus in monetary economics, or simply
the New Keynesian Synthesis. Yet, this synthesis still hinges on variants of the long run
vertical Phillips curve originally proposed by Milton Friedman, the father of old line
monetarism.
Contributors to the 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.
Heterodox and orthodox monetary macroeconomists alike will find this illuminating book of
great interest.
Table of Contents
Introduction
Part I: The New Consensus
1. The New Consensus on Monetary Policy Seen from a Post Keynesian Perspective
2. Central Banking, Stability and Macroeconomic Outcomes: A Comparison of New Consensus
and Post Keynesian Monetary Macroeconomics
3. Interest Rate Operating Procedures and Income Distribution
4. Monetary Policy when Money is Endogenous: Going Beyond the New Consensu
Part II: Transmission Mechanisms
5. Monetary Dialogue and Dogma at the Bank of Canada: Inside
6. Interest Rate Policy at the Bank of Canada: Setting the Agenda
7. Modern Central Banks Only Have Real Effects
8. Central Banking in the Monetary Circuit
9. Long term Interest Rates, Liquidity Preference, and the Limits of Central Banking
10. The Role of Monetary Policy in Post Keynesian Stock flow Consistent Macroeconomic
Growth Models
Part III: Historical Perspectives
11. The Effectiveness of Monetary Policy in Open Economy Macroeconomics: 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
Index
Hardcover
320 pages
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