Central Banking in the Modern World

Alternative Perspectives

编辑马克·拉瓦教授eritus, University of Ottawa, Canada, Professor Emeritus, University of Sorbonne Paris Nord (CEPN), France and FMM Fellow, Institut für Makroökonomie, Düsseldorf, Germany and Mario Seccareccia, Professor of Economics, University of Ottawa, Canada and Editor, International Journal of Political Economy

According to the New Consensus in monetary economics, monetarism is dead and central bankers target low inflation rates by acting upon short-term real rates of interest. Yet, this synthesis hinges on variants of the long-run vertical Phillips curve originally proposed by Milton Friedman, the father of old-line monetarism. Contributors to this 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.

‘All chapters are equally and well structured with the general conclusions leading from each part clearly summarised in the introductory section which makes the book pleasant to read.’
– Pelin Ilbas, Tijdschrift voor Economie en Management

‘The book provides a good variety of articles capable of satisfying different readers regarding central banking.’
– Eric Tymoigne, Journal of Economic Issues