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Central Banking, Monetary Policy and Income Distribution

9781800371927 Edward Elgar Publishing
Edited by Sylvio Kappes, Assistant Professor, Federal University of Ceará, Brazil and Coordinator, Keynesian Economics Working Group, Young Scholars Initiative, Louis-Philippe Rochon, Full Professor, Laurentian University, Canada, Editor-in-Chief, Review of Political Economy and Founding Editor Emeritus, Review of Keynesian Economics and Guillaume Vallet, Associate Professor, Université Grenoble Alpes and Research Fellow, Centre de Recherche en Economie de Grenoble (CREG), France
Publication Date: March 2023 ISBN: 978 1 80037 192 7 Extent: c 344 pp
Part of The Elgar Series on Central Banking and Monetary Policy, this book explores the relationship between central banking, monetary policy and income distribution. The usual central bank mandate – that of exclusively fighting inflation – is being increasingly questioned by policymakers and academics. Many countries are finding that there is a need for broader mandates that will have an impact on economic activity, unemployment and other economic issues.

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Part of The Elgar Series on Central Banking and Monetary Policy, this book explores the relationship between central banking, monetary policy and income distribution. The usual central bank mandate – that of exclusively fighting inflation – is being increasingly questioned by policymakers and academics. Many countries are finding that there is a need for broader mandates that will have an impact on economic activity, unemployment and other economic issues.

The chapters present a multitude of theoretical views on this topic, from classical and Marxist views to mainstream and post-Keynesian approaches. They consider the democratic aspects of central banking, critically assess the distributional outcomes of inflation targeting regimes and explore policymaking implications.

Policy makers, academics and the financial press will appreciate the relevance of the material and state of the art discussions featured in Central Banking, Monetary Policy and Income Distribution.
Critical Acclaim
‘Inequality in the distributions of income and wealth continues to rise. Meanwhile, since the global financial crisis, central bankers have become aware that in a monetary-production economy, there’s more to life than “fine tuning” an economy with reference to an inflation target. The time is therefore ripe for reinvigoration of research into the links between monetary policy and distribution. And with its clear focus throughout on the interest rate–income distribution nexus, this book delivers.’
– Mark Setterfield, New School for Social Research, US

‘This book is a very welcome addition to the literature on central banking. Behind all the talk about “inflation targeting”, “dual mandates”, and so forth, it is obvious that monetary policy directly affects income distribution. Maybe this is what it has been about all along? The Editors have invited an impressive list of well-known and emerging scholars who explore the link between monetary policy and income and wealth inequalities in the best tradition of Keynes and post-Keynesian economics.’
John Smithin, York University, Canada.

‘This book blazes new terrain on the role of monetary policy by focusing on its impact on income inequality.’
Steven Pressman, Monmouth University, US
Contributors
Contributors include: Michel Betancourt, Sascha Buetzer, Jorge Bustamante, Santiago Gabriel Manuel Capraro Rodríguez, James K. Galbraith, Sylvio Antonio Kappes, Marcelo Milan, Noemi Levy Orlik, Carlo Panico, Massimo Pivetti, Mario Seccareccia, Guillermo Matamoros Romero, Sergio Rossi, Jan Toporowski, Luis Daniel Torres-González, Guillaume Vallet, Matías Vernengo
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