Towards the Next Revolution in Central Banking: A Radical Framework for Monetary Policy

Towards the Next Revolution in Central Banking: A Radical Framework for Monetary Policy – Ebook Instant Download/Delivery ISBN(s): 9783030857653,3030857654,9783030857660, 3030857662

Product detail:

• ISBN 10: 3030857662
• ISBN 13: 9783030857660
• Author: Burkhard Wehner

This book critically explores past and present principles of central banking, and outlines a new framework for future stabilization policy. Through compact and concise chapters, it demonstrates why a constant long-term interest rate would be the most beneficial target for monetary policy to follow. A novel set of policy tools and institutional arrangements suitable to reliably meet this target are developed. It is argued that the proposed framework would be clearly superior to conventional policies in preventing financial market crises, maintaining high employment, and keeping the economy at or near potential. The merits and shortcomings of alternative theories such as Modern Monetary Theory are also discussed. This book will be relevant to researchers and policymakers as well as professional investors, analysts, and commentators of financial markets and the economy at large.

Table of contents:

1. Cover
2. Front Matter
3. 1. Historical and Current Backgrounds
4. 2. An Alternative Model: Stabilizing the Long-Term Interest Rate
5. 3. New Instruments for Monetary Policy
6. 4. Paths to the Fixed-Rate Model—How, Where, and When?
7. 5. Global Perspectives and Ideologies
8. 6. Some Supplements
9. Back Matter

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