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An activist revival in central banking? Lessons from the history of economic thought and central bank practice

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  • Lilia Costabile
  • Gerald Epstein

Abstract

We introduce the “minimalist–activist” spectrum as an analytical prism through which to view key aspects of central banking theory and practice. We focus on the activist end of this spectrum, concentrating on economic growth. We explore the theoretical roots of these ideas in the writings of Dennis Robertson. We illustrate central banking practice by detailing some approaches followed by central banks pursuing economic growth and development in the decades following the Second World War. History of monetary thought, monetary theory, and analysis of central bank practices blend together to illuminate key principles and practices of central banking.

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  • Lilia Costabile & Gerald Epstein, 2017. "An activist revival in central banking? Lessons from the history of economic thought and central bank practice," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 24(6), pages 1416-1439, November.
    • Handle: RePEc:taf:eujhet:v:24:y:2017:i:6:p:1416-1439
    DOI: 10.1080/09672567.2017.1378691
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    Cited by:

    1. Costabile, Lilia, 2022. "Commodity money, natural values, and central banking in Ricardo," Structural Change and Economic Dynamics, Elsevier, vol. 63(C), pages 104-111.
    2. Geoffrey Brooke & Anthony Endres & Alan Rogers, 2018. "The Economists and Monetary Thought in Interwar New Zealand: The Gradual Emergence of Monetary Policy Activism," Working Papers 2018-09, Auckland University of Technology, Department of Economics.

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