Short description:

Part of The Elgar Series on Central Banking and Monetary Policy, this book explores the relationship between central banking, monetary policy and the economy at large. It focuses on the specific relationship between central banking, monetary policy and social responsibility as central banks wake up to new realities

Long description:

Part of The Elgar Series on Central Banking and Monetary Policy, this book explores the relationship between central banking, monetary policy and the economy at large. It focuses on the specific relationship between central banking, monetary policy and social responsibility as central banks wake up to new realities.

The book examines this relationship not only in connection to the economic, monetary and financial impact of the so-called ?unconventional? monetary policies, but also in connection to the functioning of today?s democracies. A new framework and model for central banking is proposed in this rethinking of monetary policy, and the role of central banks as institutions in democracies is considered.

Scholars and students interested in central banking and monetary policy, the issue of social responsibility and the relationship between central banks and democracy will benefit from the ideas presented by the editors and authors of Central Banking, Monetary Policy and Social Responsibility.

?For the first time in decades, the very purpose of central banking is being debated again, and this time round not only by economists. Reflecting the debate?s breadth, this book will be useful for anyone who wants to form their own views before events drive the answers.?

Table of Contents:

Contents:

Introduction to Central Banking, Monetary Policy and Social
Responsibility 1
Guillaume Vallet, Sylvio Kappes and Louis-Philippe Rochon
1 Will central bank independence withstand political pressure? 20
Charles Goodhart and Manoj Pradhan
2 Some of the effects of monetary structures, politics, and
memories on central banking 35
John H. Wood
3 The whys and how of central bank independence: from
legal principles to operational accountability 57
Maqsood Aslam, Etienne Farvaque and Piotr Stanek
4 Bankocracy, or a new age of the European Central Bank 74
Marie Cuillerai
5 Central banking and inequalities: old tropes and new practices 88
François Claveau, Clément Fontan, Peter Dietsch and
Jérémie Dion
6 Making environments safer: a safe asset for a green (and
financial) new deal and for more responsible central banks
? what could, and should, the ECB do? 112
Massimo Amato and Lucio Gobbi
7 Masters of the game: the power and social responsibility of
central banks and central bankers in a democracy 136
Louis-Philippe Rochon and Guillaume Vallet
8 The past is already gone, the future is not yet here: the case
of the Federal Reserve?s system of money management 159
Jong-Un Song
9 Precautionary monetary policy and democratic legitimacy:
tensions and openings 172
Rob Macquarie
10 The social sources of ?unelected power?: how central
banks became entrapped by infrastructural power and what
this can tell us about how (not) to democratize them 195
Timo Walter

Index 219