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Credit, Money and Macroeconomic Policy
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Credit, Money and Macroeconomic Policy

A Post-Keynesian Approach

9781848440678 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 of Review of Political Economy and Founding Editor Emeritus, Review of Keynesian Economics
Publication Date: 2011 ISBN: 978 1 84844 067 8 Extent: 368 pp
With recent turmoil in financial markets around the world, this unique and up-to-date book addresses a number of challenging issues regarding monetary policy, financial markets and macroeconomic policy.

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With recent turmoil in financial markets around the world, this unique and up-to-date book addresses a number of challenging issues regarding monetary policy, financial markets and macroeconomic policy.

While some of the chapters address the recent crisis as well as adjustments to the Basel Accord, others analyse the required changes to the conduct of monetary and fiscal policies. The distinguished authors offer an in-depth and comprehensive analysis of macroeconomics and provide alternative policies to deal with a number of persistent modern-day problems.

Offering an interesting analysis of current economic issues from a Post-Keynesian perspective, this book will appeal to academics and graduate students of macroeconomics and financial markets.
Critical Acclaim
‘The volume Credit, Money and Macroeconomic Policy edited by Claude Gnos and Louis-Philippe Rochon, represents a most important contribution to our understanding of the nature and role of credit and money in modern economies. It deals with some of the most pressing issues of our time; as such it constitutes an invaluable guide for the comprehension of the effects of the last twenty years of inflation targeting policies.’
– Giuseppe Fontana, University of Leeds, UK and University of Sannio, Italy
Contributors
Contributors: A. Asensio, R. Bellofiore, R.W. Dimand, A. Fumagalli, C. Gnos, R. Guttmann, J. Halevi, E. Hein, S. Karagiannis, T.T. Koutsobinas, S. Lucarelli, Y. Panagopoulos, A. Parguez, L.-P. Rochon, S. Rossi, M. Sawyer, U. Şener, M. Setterfield, R. Sobreira, A.D. Spiliotis, A. Truger, P. Zendron
Contents
Contents:

Introduction
Claude Gnos and Louis-Philippe Rochon

PART I: ENDOGENOUS MONEY AND FINANCIAL CRISIS
1. A Minsky Moment? The Subprime Crisis and the ‘New’ Capitalism
Riccardo Bellofiore and Joseph Halevi

2. Lessons from the 1929 Crash and the 1930s Debt Deflation: What Bernanke and King Learned, and What They Could Have Learned
Robert W. Dimand

3. The Collapse of Securitization: From Subprimes to Global Credit Crunch
Robert Guttmann

PART II: MONETARY POLICY AND POLICY RULES
4. From Monetary to Fiscal Policy Rule: A Matter of Adjustment or Choice?
Theodore T. Koutsobinas

5. Money Creation, Employment and Economic Stability: The Monetary Theory of Unemployment and Inflation
Alain Parguez

6. Monetary Policy Without Reserve Requirements: Central Bank Money as Means of Final Payment on the Interbank Market
Louis-Philippe Rochon and Sergio Rossi

7. Post-Keynesian Interest Rate Rules and Macroeconomic Performance: A Comparative Evaluation
Louis-Philippe Rochon and Marc Setterfield

PART III: MONETARY POLICY UNDER THE BASEL II ACCORD
8. Basel II: A New Regulatory Framework for Global Banking
Robert Guttmann

9. The Basel II Influence on the Money Supply Process: A Comparative Analysis of the Eurozone and the United States
Stelios Karagiannis, Yannis Panagopoulos and Aristotelis Spiliotis

10. Implications of Basel II for National Development Banks
Rogério Sobreira and Patricia Zendron

PART IV: INFLATION TARGETING, NEW CONSENSUS MACROECONOMICS AND MACROECONOMIC POLICY
11. Inflation Targeting Drawbacks in the Absence of a ‘Natural’ Anchor: A Keynesian Appraisal of the Fed and ECB Policies from 1999 to 2006
Angel Asensio

12. Fiscal Policy in the Macroeconomic Policy Mix: A Critique of the New Consensus Model and a Comparison of Macroeconomic Policies in France, Germany, the UK and Sweden from a Post-Keynesian Perspective
Eckhard Hein and Achim Truger

13. Re-thinking Macroeconomic Policies
Malcolm Sawyer

14. Turkish Monetary Policy in a Post-Crises Era: A Further Case of ‘New Consensus’?
Ulaş Şener

15. Instability and Uncertainty in Cognitive Capitalism
Andrea Fumagalli and Stefano Lucarelli

Index
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