Short description:

Part of The Elgar Series on Central Banking and Monetary Policy, this book explores challenges surrounding central banking today. It goes beyond the immediate concerns with monetary policy and focuses instead on the concept of central banking more generally.

Long description:

Part of The Elgar Series on Central Banking and Monetary Policy, this book explores challenges surrounding central banking today. It goes beyond the immediate concerns with monetary policy and focuses instead on the concept of central banking more generally.

Chapter authors explore emerging fields of central bank?s actions, discussing, for instance, how monetary policy can affect income distribution, how it has differentiated impacts according to gender, how it can help to deal with climate change, and how it can promote financial stability and structural change.

Policy makers, academics and the financial press will all benefit from the insight in The Future of Central Banking.

?Central banking is about the provision of the means of payment, and payment is, whether we like it or not, at the core of the organisation of modern society. Therefore it should not come as a surprise that central banking will have to evolve with society and has to take up its ever changing challenges. The authors of this unique book are thought leaders in the various fields in which central banking has to react or can lead change of the economy and society. For central bankers the book is a rich source of inspiration for the coming years.?

Table of Contents:

Contents:

Introduction to The Future of Central Banking 1
Sylvio Kappes, Louis-Philippe Rochon and Guillaume Vallet
1 The general ineffectiveness of monetary policy or the
weaponization of inflation 20
Louis-Philippe Rochon

PART I CENTRAL BANKING AND INCOME DISTRIBUTION
2 Monetary policy and personal income distribution:
a survey of the empirical literature 38
Sylvio Kappes
3 Inflation targeting regime and income distribution in
emerging market economies 62
Lilian Rolim and Nathalie Marins
4 Monetary policy in the United States and its impact on the
functional distribution of income: 1970?2015 84
Ivan Dario Velasquez

PART II CENTRAL BANKING AND GENDER
5 Feminist macroeconomics and monetary policy 107
Elissa Braunstein
6 The necessary winds of change: empowering women in
central banking 128
Guillaume Vallet

PART III CENTRAL BANKING AND ECOLOGICAL CONCERNS
7 Contending views on the role of central banks in the age of
climate change: a review of the literature 151
William Oman, Mathilde Salin and Romain Svartzman
8 Climate change, central banking and financial supervision:
beyond the risk exposure approach 175
Yannis Dafermos
9 Central banking for a social-ecological transformation 195
Louison Cahen-Fourot

PART IV CENTRAL BANKING, MACROPRUDENTIAL
POLICIES AND FINANCIAL STABILITY
10 The relationship between central banks and financial
regulation: a critique of the mainstream consensus and
elements for a post-Keynesian approach 220
Esteban Pérez Caldentey
11 Macroprudential policy of central banks 249
Fábio Henrique Bittes Terra and Gustavo Chagas Goudard

PART V CENTRAL BANKING AND STRUCTURAL CHANGE
12 Can monetary policy promote structural change?
Analyzing the Brazilian experience from
a new-developmental perspective 263
Cristina Helena Pinto de Mello and Paulo Robilloti
13 Currency hierarchy, inflation targeting and structural
change: the Brazilian experience 290
Daniela Magalh?es Prates, Carolina Troncoso Baltar and
Rosângela Ballini
14 Central banks and democracy under long-term changes 316
Jocelyn Pixley

PART VI CENTRAL BANKING INDEPENDENCE
15 Monetary policy committees at the Central Bank of West
African States (BCEAO) and the Bank of the Central
African States (BEAC) 337
Régis Bokino and Edwin Le Heron
16 Central bank independence from banks rather than governments 360
Sergio Rossi

Index