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Central banks as agents of employment creation

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Author Info
Gerald Epstein
Abstract

Employment creation has dropped off the direct agenda of most central banks. The so-called “global best practice” approach to central banking has not focused on economic growth or employment generation but rather on keeping inflation in the low single digits. However, the policy record shows that employment generation and economic growth are often not by-products of inflation focused central bank policy. This chapter argues that there should be a return to the historical norm of central bank policy in which employment creation and more rapid economic growth join inflation and stabilization more generally as key goals of central bank policy. Supporting this argument, the chapter summarizes major lessons of a multi-country research project undertaken by an international team of economists which show that, within the constraints of contemporary economic conditions, there are viable alternatives to inflation targeting that can focus more on important social, real sector outcomes such as employment generation and poverty reduction.

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File URL: http://www.un.org/esa/desa/papers/2007/wp38_2007.pdf
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Paper provided by United Nations, Department of Economics and Social Affairs in its series Working Papers with number 38.

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Length: 20 pages
Date of creation: Jul 2007
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Handle: RePEc:une:wpaper:38

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Related research
Keywords: inflation targeting employment central bank poverty reduction.

Find related papers by JEL classification:
E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
N1 - Economic History - - Macroeconomics and Monetary Economics; Growth and Fluctuations
N2 - Economic History - - Financial Markets and Institutions
O2 - Economic Development, Technological Change, and Growth - - Development Planning and Policy

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This page was last updated on 2008-8-28.

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