Monetary Policy and Financial Stability

A Post-Keynesian Agenda

9781848440692 Edward Elgar Publishing
Edited by Claude Gnos, Senior Research Associate, Centre for Monetary and Financial Studies, University of Burgundy, Dijon, France and the International Economic Policy Institute, Laurentian University, Canada and Louis-Philippe Rochon, Full Professor, Laurentian University, Canada, Editor-in-Chief, Review of Political Economy and Founding Editor Emeritus, Review of Keynesian Economics
Publication Date: 2009 ISBN: 978 1 84844 069 2 Extent: 304 pp
This book provides an enlightening glimpse into the deep theoretical traditions of post-Keynesian theory whilst also illuminating the richness and uniqueness of post-Keynesian economic policy.

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This book provides an enlightening glimpse into the deep theoretical traditions of post-Keynesian theory whilst also illuminating the richness and uniqueness of post-Keynesian economic policy.

The editors have gathered together leading scholars and researchers to push the boundaries of post-Keynesian thinking. They address a number of important issues dealing with wage determination, income distribution and central bank governance. Many of these chapters share a common theme including a criticism of the usefulness of monetary policy in fighting or targeting inflation and the questions this raises for central bank governance. The book also focuses on open economy issues such as capital flows, globalization, FDI and the Washington Consensus.

Monetary Policy and Financial Stability is required reading for students, scholars and researchers of economics, and for policymakers seeking rational alternatives to the current neo-classical orthodoxy.
Critical Acclaim
‘. . . the book gives a widespread representation of the state of post-Keynesian economics and is thus recommendable for all interested readers that look for such an overview.’
– Ralf Fendel, Jahrbücher f. Nationalökonomie u. Statistik
Contributors: J.-P. Allegret, P. Arestis, A. Asensio, E. Berr, L.C. Bresser-Pereira, F. Combarnous, R.W. Dimand, P. Dulbecco, C. Gnos, E. Hein, C. Maya, C. Pastoret, L.-P. Rochon, S. Rossi, E. Rougier, M. Sawyer, D. Tropeano

Claude Gnos and Louis-Philippe Rochon

1. Wage Bargaining and Monetary Policy in a Kaleckian Monetary Distribution and Growth Model: Making Sense of the NAIRU
Eckhard Hein

2. Price and Wage Determination and the Inflation Barrier: Moving Beyond the Phillips Curve
Philip Arestis and Malcolm Sawyer

3. Central Bank Governance, the Euthanasia of the Rentier and Interest Rate Policy: A Note on Post-Keynesian Monetary Policy after Taylor
Louis-Philippe Rochon

4. The Macroeconomic Governance of the European Monetary Union: A Keynesian Perspective
Angel Asensio

5. Inflation Targeting and Monetary Policy Governance: The Case of the European Central Bank
Sergio Rossi

6. Enforcing the IMF in the Global Economy: An Institutional Analysis
Jean-Pierre Allegret and Philippe Dulbecco

7. Too Much Consensus Could Be Harmful: Assessing the Degree of Implementation of Stabilization and Structural Policies and their Impact on Growth
Eric Berr, François Combarnous and Eric Rougier

8. The Political Economy of Global Economic Disgovernance
Luiz Carlos Bresser-Pereira

9. Tobin, Globalization and Capital Flows
Robert W. Dimand

10. The Impact of FDI on Capital Formation: The Case of Mexico
Claudia Maya

11. Financial Liberalization, Economic Growth and Rents
Domenica Tropeano

12. The Argentine Jefes Program: From a Post-Financial Crisis Emergency Safety Net to a Long-Run Policy Promoting Development
Corinne Pastoret

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