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Political Economy and Comparative Central Banking

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  • Gerald Epstein

    (Department of Economics, University of Massachusetts at Amherst)

Abstract

This paper introduces a Marx-Keynes-Kalecki model of the political economy of comparative central banking which suggests that monetary policy is determined by four key factors: capital-labor relations; industry-finance relations; the degree of central bank independence; and the position of the economy in the world economy. The paper presents econometric evidence suggesting that large OECD countries that have more independent central banks, more speculative financial markets, and more conflictual capital-labor relations, have lower rates of capacity utilization. This evidence is consistent with the model's predictions about the relationship between political-economic structure and central bank policy.

Suggested Citation

  • Gerald Epstein, 1992. "Political Economy and Comparative Central Banking," Review of Radical Political Economics, Union for Radical Political Economics, vol. 24(1), pages 1-30, March.
    • Handle: RePEc:sae:reorpe:v:24:y:1992:i:1:p:1-30
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    Cited by:

    1. Thereza Balliester Reis, 2018. "Why Are Policy Real Interest Rates So High in Brazil? An Analysis of the Determinants of the Central Bank of Brazil’s Real Interest Rate," International Journal of Political Economy, Taylor & Francis Journals, vol. 47(2), pages 178-198, April.
    2. Georgios Argitis & Stella Michopoulou, 2011. "Are Full Employment and Social Cohesion Possible Under Financialization?," Forum for Social Economics, Springer;The Association for Social Economics, vol. 40(2), pages 139-155, July.
    3. Eckhard Hein, 2010. "Shareholder Value Orientation, Distribution And Growth—Short‐ And Medium‐Run Effects In A Kaleckian Model," Metroeconomica, Wiley Blackwell, vol. 61(2), pages 302-332, May.
    4. Eckhard Hein, 2006. "Interest, Debt and Capital Accumulation—A Kaleckian Approach," International Review of Applied Economics, Taylor & Francis Journals, vol. 20(3), pages 337-352.
    5. Geeta Garg, 2015. "Impact of trilemma indicators on macroeconomic policy: Does central bank independence matter?," Indira Gandhi Institute of Development Research, Mumbai Working Papers 2015-019, Indira Gandhi Institute of Development Research, Mumbai, India.
    6. Eckhard Hein, 2017. "Post-Keynesian macroeconomics since the mid 1990s: main developments," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 14(2), pages 131-172, September.
    7. Thomas I. Palley, 2019. "Central Bank Independence," FMM Working Paper 49-2019, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.

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