Towards the next revolution in central banking : a radical framework for monetary policy
Author(s)
Bibliographic Information
Towards the next revolution in central banking : a radical framework for monetary policy
（Palgrave pivot）
Palgrave Macmillan, c2021
- Other Title
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Eine neue Logik der Geldpolitik
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Note
Translation from German ed.: Eine neue Logik der Geldpolitik (Springer Gabler, c2020)
Includes bibliographical references (p. 73-75)
"This Palgrave Macmillan imprint is published by the registered company Springer Nature Switzerland AG ... Cham, Switzerland"--T.p. verso
Description and Table of Contents
Description
This book critically explores past and present principles of central banking, and outlines a new framework for future stabilization policy. Through compact and concise chapters, it demonstrates why a constant long-term interest rate would be the most beneficial target for monetary policy to follow. A novel set of policy tools and institutional arrangements suitable to reliably meet this target are developed.
It is argued that the proposed framework would be clearly superior to conventional policies in preventing financial market crises, maintaining high employment, and keeping the economy at or near potential. The merits and shortcomings of alternative theories such as Modern Monetary Theory are also discussed.
This book will be relevant to researchers and policymakers as well as professional investors, analysts, and commentators of financial markets and the economy at large.
Table of Contents
1:-On the History of Monetary Policy.- 2.:-An Alternative Model: Stabilizing the Long-Term Interest Rate.- 3:-New Instruments for Monetary Policy.- 4:-Paths to the Fixed-Rate Model - How, Where, and When?.- 5:-Some Supplements.- 6:-On the Governance Structure of Fully Independent Central Banks.
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