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Aspects of Modern Monetary and Macroeconomic Policies

Editor

Listed:
  • Philip Arestis
    (University of Cambridge, United Kingdom)

  • Eckhard Hein
    (Berlin School of Economics and Law, Germany)

  • Edwin Le Heron
    (Association pour le Développement des Etudes Keynésiennes, France)

Abstract

Over the last 30 years or so the developments in the area of monetary and macroeconomic policies have been quite substantial. Within the new consensus macroeconomics (NCM), 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. In this book a number of questions relating to this new monetary and macroeconomic policy approach are raised. NCM is compared to post-Keynesian alternatives on a theoretical level and the consequences of NCM for economic policy outcomes and macroeconomic performance are discussed. Finally, the book covers some empirical studies on recent monetary and macroeconomic policies in the Euro area, Germany and the UK.

Suggested Citation

  • Philip Arestis & Eckhard Hein & Edwin Le Heron (ed.), 2007. "Aspects of Modern Monetary and Macroeconomic Policies," Conference proceedings of the Research Network Macroeconomics and Macroeconomic Policies (FMM), IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute, number 9b-2007, July.
    • Handle: RePEc:imk:fmmcps:9b-2007
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    Citations

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    Cited by:

    1. Eckhard Hein & Daniel Detzer, 2015. "Finance-Dominated Capitalism and Income Distribution: A Kaleckian Perspective on the Case of Germany," Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, Springer;Società Italiana degli Economisti (Italian Economic Association), vol. 1(2), pages 171-191, July.
    2. Achim Truger & Henner Will, 2013. "The German “debt brake”: a shining example for European fiscal policy?," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(1), pages 153-188.
    3. 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.
    4. Engelbert Stockhammer & Eckhard Hein & Lucas Grafl, 2011. "Globalization and the effects of changes in functional income distribution on aggregate demand in Germany," International Review of Applied Economics, Taylor & Francis Journals, vol. 25(1), pages 1-23.
    5. Pesenti, Amos, 2016. "The meaning of monetary stability," FSES Working Papers 475, Faculty of Economics and Social Sciences, University of Freiburg/Fribourg Switzerland.
    6. Angel Asensio, 2009. "Between the cup and the lip," Working Papers halshs-00496911, HAL.
    7. Hein, Eckhard, 2012. "Finance-dominated capitalism, re-distribution and the financial and economic crises: A European perspective," IPE Working Papers 14/2012, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    8. E. Stockhammere & J. Michell, 2017. "Pseudo-Goodwin cycles in a Minsky model," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 41(1), pages 105-125.
    9. Engelbert Stockhammer, 2015. "Wage-led versus profit-led demand: What have we learned? A Kalecki-Minsky view," Working Papers PKWP1512, Post Keynesian Economics Society (PKES).
    10. Eckhard Hein, 2012. "The Macroeconomics of Finance-Dominated Capitalism – and its Crisis," Books, Edward Elgar Publishing, number 14931.
    11. Claude Gnos, 2012. "The unemployment issue," Chapters, in: Claude Gnos & Sergio Rossi (ed.), Modern Monetary Macroeconomics, chapter 6, pages 166-192, Edward Elgar Publishing.
    12. Sarah Godar & Christoph Paetz & Achim Truger, 2015. "The scope for progressive tax reform in the OECD countries. A macroeconomic perspective with a case study for Germany," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(5), pages 79-117.
    13. Eckhard Hein & Achim Truger, 2012. "Finance-dominated capitalism in crisis—the case for a global Keynesian New Deal," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 35(2), pages 187-213.
    14. repec:ilo:ilowps:484519 is not listed on IDEAS
    15. van Treeck, Till. & Sturn, Simon., 2012. "Income inequality as a cause of the Great Recession? : A survey of current debates," ILO Working Papers 994709343402676, International Labour Organization.
    16. Angel Asensio, 2012. "Between the Cup and the Lip: On Post Keynesian Interest Rate Rules and Long-term Interest Rate Management," Chapters, in: Louis-Philippe Rochon & Salewa ‘Yinka Olawoye (ed.), Monetary Policy and Central Banking, chapter 1, Edward Elgar Publishing.
    17. Carlo Panico & Marco Piccioni, 2016. "Keynes on Central Bank Independence," STUDI ECONOMICI, FrancoAngeli Editore, vol. 2016(118-119-1), pages 190-216.
    18. Eicker-Wolf, Kai. & Truger, Achim., 2014. "Demystifying a "shining example" : German public finances under the debt brake," ILO Working Papers 994845193402676, International Labour Organization.
    19. Eckhard Hein, 2013. "The crisis of finance-dominated capitalism in the euro area, deficiencies in the economic policy architecture, and deflationary stagnation policies," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 36(2), pages 325-354.
    20. Andrzej Wojtyna, 2008. "Polityka pieniężna w strefie euro: dawne obawy, nowe wyzwania," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 11-12, pages 1-20.
    21. Angel Asensio, 2009. "Between the cup and the lip," CEPN Working Papers halshs-00496911, HAL.
    22. Achim Truger, 2013. "Steuerpolitik im Dienste der Umverteilung: eine makroökonomische Ergänzung," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 82(1), pages 43-59.

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