Aspects of Modern Monetary and Macroeconomic Policies

✍ Scribed by Philip Arestis, Eckhard Hein, Edwin Heron

• Year: 2007
• Tongue: English
• Leaves: 291
• Edition: First Edition
• Category: Library

✦ Synopsis

Over the last thirty years or so the developments in the area of monetary and macroeconomic policies have been quite substantial. Within the new consensus macroeconomics (NCM), monetary policy is upgraded while fiscal policy is downgraded. This new monetary policy has been the main instrument of policy under the guise of inflation targeting, an approach pursued by a number of central banks worldwide. There are a number of problems relating to this new monetary and macroeconomic policy approach which are raised in this book.

✦ Table of Contents

Cover......Page 1
Contents......Page 6
List of Tables and Figures......Page 8
Notes on the Contributors......Page 11
1 Introduction......Page 14
2 Does Inflation Targeting Increase the Deflationary Bias in the World Economy?......Page 20
3 What is Endogenous when Monetary Policy is Transparent?......Page 40
4 Monetary Policy Formation at the Long-Term Margin: A Kahn–Tobin Framework......Page 56
5 Bank Lending and Regulation in Insider Financial Systems: A Theoretical Assessment......Page 72
6 Monetary and Budgetary-Fiscal Policy Interactions in a Keynesian Context: Revisiting Macroeconomic Governance......Page 93
7 Monetary Policy from a Circuitist Perspective......Page 119
8 A Policy-Game Framework for the Dollar–Euro Exchange Rate......Page 136
9 The New Governance in Monetary Policy: A Critical Appraisal of the Fed and the ECB......Page 159
10 AS–AD Disequilibrium Dynamics and the Taylor Interest Rate Policy Rule: Euro-Area Based Estimation and Simulation......Page 185
11 How the Maastricht Regime Fosters Divergence as Well as Instability......Page 210
12 Germany’s Post-2000 Stagnation in the European Context – a Lesson in Macroeconomic Mismanagement......Page 236
13 Macroeconomic Policy in the UK under New Labour: The End of Boom and Bust?......Page 261
C......Page 284
E......Page 285
F......Page 286
I......Page 287
M......Page 288
R......Page 289
U......Page 290
W......Page 291