Aspects of Modern Monetary and Macroeconomic Policies

1. Front Matter

   Pages i-xi

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2. Introduction

   • Philip Arestis, Eckhard Hein, Edwin Le Heron

   Pages 1-6

3. Does Inflation Targeting Increase the Deflationary Bias in the World Economy?

   • Basil Moore

   Pages 7-26

4. What is Endogenous when Monetary Policy is Transparent?

   • Peter Howells

   Pages 27-42

5. Monetary Policy Formation at the Long-Term Margin: A Kahn-Tobin Framework

   • Theodore T. Koutsobinas

   Pages 43-58

6. Bank Lending and Regulation in Insider Financial Systems: A Theoretical Assessment

   • Elisabeth Springler

   Pages 59-79

7. Monetary and Budgetary-Fiscal Policy Interactions in a Keynesian Context: Revisiting Macroeconomic Governance

   • Angel Asensio

   Pages 80-105

8. Monetary Policy from a Circuitist Perspective

   • Claude Gnos

   Pages 106-122

9. A Policy-Game Framework for the Dollar-Euro Exchange Rate

   • Philip Arestis, Elias Karakitsos

   Pages 123-145

10. The New Governance in Monetary Policy: A Critical Appraisal of the Fed and the ECB

    • Edwin Le Heron

    Pages 146-171

11. AS-AD Disequilibrium Dynamics and the Taylor Interest Rate Policy Rule: Euro Area-Based Estimation and Simulation

    • Peter Flaschel, Christian R. Proaño

    Pages 172-196

12. How the Maastricht Regime Fosters Divergence as Well as Instability

    • Jörg Bibow

    Pages 197-222

13. Germany’s Post-2000 Stagnation in the European Context — a Lesson in Macroeconomic Mismanagement

    • Eckhard Hein, Achim Truger

    Pages 223-247

14. Macroeconomic Policy in the UK under New Labour: The End of Boom and Bust?

    • Philip Arestis, Malcolm Sawyer

    Pages 248-270

15. Back Matter

    Pages 271-278

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Within the New Consensus Macroeconomics, monetary policy is upgraded while fiscal policy is downgraded. This new monetary policy has been the main instrument of policy under the guise of inflation targeting, an approach pursued by a number of central banks worldwide. This book raises problems relating to this new monetary and macroeconomic policy.

• bank
• Deflation
• economic policy
• fiscal policy
• Inflation
• Keynes
• macroeconomics
• monetary policy
• Stagnation
• banking

'...this book provides a good overview of the varieties of ongoing research in heterodox economics. It can thus deliver some fresh ideas beyond the NCM and help to overcome the uncritical approach to the assumptions of standard economic theory.' - Jan-Oliver Menz, INTERVENTION - European Journal of Economics and Economic Policies

• Cambridge Centre for Economic and Public Policy, University of Cambridge, UK

  Philip Arestis

• Macroeconomic Policy Institute (IMK), Hans Boeckler Foundation, Duesseldorf, Germany

  Eckhard Hein

• Carl von Ossietzky University Oldenburg, Germany

  Eckhard Hein

• ‘Maître de Conférences’ in Economics, Sciences Po Bordeaux, France

  Edwin Heron

• SPIRIT (Science de Politique, Relations International et Territoire), France

  Edwin Heron

ANGEL ASENSIO Maître de Conférences, Centre d'Economie de Paris Nord (CEPN), Université Paris 13 - CNRS, France JÖRG BIBOW Assistant Professor of Economics, Skidmore College, Saratoga Springs, New York, USA; Research Associate, Levy Economics Institute of Bard College, Annandale-on-Hudson, New York, USA PETER FLASCHEL Professor of Economic Theory, Department of Economics and Business Administration, Bielefeld University, Germany CLAUDE GNOS Associate Professor, University of Burgundy, France; Head, Centre for Monetary and Financial Studies, Dijon, France PETER HOWELLS Reader in Economics, Bristol Business School, University of the West of England, Bristol, UK ELIAS KARAKITSOS Professor and Chairman of Global Economic Research; Associate Member, Cambridge Centre for Economic and Public Policy, University of Cambridge, UK THEODORE KOUTSOBINAS Assistant Professor, Department of Statistics, Actuarial Studies and Financial Mathematics, University of the Aegean, Samos, Greece; Teaching Fellow, Graduate Program, Department of Statistics, Athens University of Economics and Business, Athens, Greece BASIL MOORE Professor Extraordinary of Economics, Stellenbosch University, South Africa CHRISTIAN PROAÑO Department of Economics and Business Administration, Bielefeld University, Germany; Macroeconomic Policy Institute (IMK), Hans Boeckler Foundation, Duesseldorf, Germany MALCOLM SAWYER Professor of Economics, University of Leeds, UK ELISABETH SPRINGLER Assistant Professor,Institute for Monetary and Fiscal Policy, Vienna University of Economics and Business Administration, Austria ACHIM TRUGER Senior Researcher, Macroeconomic Policy Institute (IMK), Hans Boeckler Foundation, Duesseldorf, Germany

Policies and ethics