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OverviewPart of The Elgar Series on Central Banking and Monetary Policy, this book explores the relationship between central banking, monetary policy and income distribution. The usual central bank mandate – that of exclusively fighting inflation – is being increasingly questioned by policymakers and academics. Many countries are finding that there is a need for broader mandates that will have an impact on economic activity, unemployment and other economic issues. The chapters present a multitude of theoretical views on this topic, from classical and Marxist views to mainstream and post-Keynesian approaches. They consider the democratic aspects of central banking, critically assess the distributional outcomes of inflation targeting regimes and explore policymaking implications. Policy makers, academics and the financial press will appreciate the relevance of the material and state of the art discussions featured in Central Banking, Monetary Policy and Income Distribution. Full Product DetailsAuthor: Sylvio Kappes , Louis-Philippe Rochon , Guillaume ValletPublisher: Edward Elgar Publishing Ltd Imprint: Edward Elgar Publishing Ltd ISBN: 9781800371927ISBN 10: 1800371926 Pages: 302 Publication Date: 21 March 2023 Audience: Professional and scholarly , Professional & Vocational Format: Hardback Publisher's Status: Active Availability: In Print  This item will be ordered in for you from one of our suppliers. Upon receipt, we will promptly dispatch it out to you. For in store availability, please contact us. Table of ContentsContents: Introduction to Central Banking, Monetary Policy and Income Distribution 1 Sylvio Kappes, Louis-Philippe Rochon and Guillaume Vallet PART I THEORY 1 A primer on monetary policy and its effect on income distribution: a heterodox perspective 20 Louis-Philippe Rochon and Mario Seccareccia 2 Monetary policy and functional income distribution: a Marxist view 35 Marcelo Milan 3 Savings glut, secular stagnation, demographic reversal, and inequality: beyond conventional explanations of lower interest rates 57 Matías Vernengo 4 The evolution of monetary institutions and of the theory of money: the value of a monetary theory of production and distribution 81 Michel Betancourt, Santiago Capraro, Carlo Panico and Luis Daniel Torres-González 5 Monetary policy and the distribution of income in a transfer theory of debt 114 Jan Toporowski PART II EVIDENCE 6 Monetary policy and income distribution 128 James K. Galbraith 7 The rate of interest and income distribution: an examination of the Pasinetti index in Latin America 139 Noemi Levy-Orlik and Jorge Bustamante 8 Why central bank policy is not income-distribution ‘neutral’: history, theory and practice 164 Mario Seccareccia and Guillermo Matamoros Romero PART III POLICY 9 Advancing the monetary policy toolkit through outright transfers and tiered reserve remuneration 191 Sascha Bützer 10 On interest and interest-rate policy 242 Massimo Pivetti 11 The distributional impacts of inflation-targeting strategies 261 Sergio Rossi IndexReviews‘Inequality in the distributions of income and wealth continues to rise. Meanwhile, since the global financial crisis, central bankers have become aware that in a monetary-production economy, there’s more to life than “fine tuning” an economy with reference to an inflation target. The time is therefore ripe for reinvigoration of research into the links between monetary policy and distribution. And with its clear focus throughout on the interest rate–income distribution nexus, this book delivers.’ -- Mark Setterfield, New School for Social Research, US ‘This book is a very welcome addition to the literature on central banking. Behind all the talk about “inflation targeting”, “dual mandates”, and so forth, it is obvious that monetary policy directly affects income distribution. Maybe this is what it has been about all along? The Editors have invited an impressive list of well-known and emerging scholars who explore the link between monetary policy and income and wealth inequalities in the best tradition of Keynes and post-Keynesian economics.’ -- John Smithin, York University, Canada ‘This book blazes new terrain on the role of monetary policy by focusing on its impact on income inequality.’ -- Steven Pressman, Monmouth University, US 'Inequality in the distributions of income and wealth continues to rise. Meanwhile, since the global financial crisis, central bankers have become aware that in a monetary-production economy, there's more to life than fine tuning an economy with reference to an inflation target. The time is therefore ripe for reinvigoration of research into the links between monetary policy and distribution. And with its clear focus throughout on the interest rate-income distribution nexus, this book delivers.' -- Mark Setterfield, New School for Social Research, US 'This book is a very welcome addition to the literature on central banking. Behind all the talk about inflation targeting , dual mandates , and so forth, it is obvious that monetary policy directly affects income distribution. Maybe this is what it has been about all along? The Editors have invited an impressive list of well-known and emerging scholars who explore the link between monetary policy and income and wealth inequalities in the best tradition of Keynes and post-Keynesian economics.' -- John Smithin, York University, Canada. 'This book blazes new terrain on the role of monetary policy by focusing on its impact on income inequality.' -- Steven Pressman, Monmouth University, US ‘Inequality in the distributions of income and wealth continues to rise. Meanwhile, since the global financial crisis, central bankers have become aware that in a monetary-production economy, there’s more to life than “fine tuning” an economy with reference to an inflation target. The time is therefore ripe for reinvigoration of research into the links between monetary policy and distribution. And with its clear focus throughout on the interest rate–income distribution nexus, this book delivers.’ -- Mark Setterfield, New School for Social Research, US ‘This book is a very welcome addition to the literature on central banking. Behind all the talk about “inflation targeting”, “dual mandates”, and so forth, it is obvious that monetary policy directly affects income distribution. Maybe this is what it has been about all along? The Editors have invited an impressive list of well-known and emerging scholars who explore the link between monetary policy and income and wealth inequalities in the best tradition of Keynes and post-Keynesian economics.’ -- John Smithin, York University, Canada. ‘This book blazes new terrain on the role of monetary policy by focusing on its impact on income inequality.’ -- Steven Pressman, Monmouth University, US Author InformationEdited by Sylvio Kappes, Assistant Professor, Federal University of Alagoas, Brazil, Louis-Philippe Rochon, Full Professor, Laurentian University, Canada, Editor-in-Chief, Review of Political Economy and Founding Editor Emeritus, Review of Keynesian Economics and Guillaume Vallet, Full Professor, Université Grenoble Alpes and Research Fellow, Centre de Recherche en Economie de Grenoble (CREG), France Tab Content 6Author Website:Countries AvailableAll regions |
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