Description
Book SynopsisThis 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.
Trade Review'. . . 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, Jahrbucher f. Nationalokonomie u. Statistik
Table of ContentsContents: Introduction Claude Gnos and Louis-Philippe Rochon PART I: MONETARY AND MACROECONOMIC POLICY 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 PART II: MACROECONOMIC POLICY AND THE GLOBAL ECONOMY 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 Index
