Monetary economics, banking and policy: expanding economic thought to meet contemporary challenges

Table of Contents

Introduction

1. Macroprudential institutionalism: The Bank of England’s Financial Policy Committee and the contemporary limits of central bank policy

Jamie Morgan

2. Central Bank Independence: are the glory days over?

Charles Goodhar

3. The efficacy of monetary policy in an age of financialisation and climate change

Malcolm Sawyer

4. Keynes on Individual Behavior and the Possibility of Involuntary Unemployment Equilibrium

Roy Rotheim

5. Keynes’s Chapter 2 definition of involuntary unemployment

Christopher Torr

6. What Keynes learnt from Kalecki – A brief introduction to the Fiscal theory of Debt Management

Jan Toporowsk

7. Payment vs. Funding: The Law of Reflux for Today

Perry Mehrling

8. "Revolution and counter-revolution in UK banks"’ asset composition since 1945, and why they matter to the debate about horizontalism

Tim Congdon

9. The endogeneity of the money supply in the General Theory

G.C. Harcourt and Peter Kriesler

10. Liquidity preference and the digital financial inclusion illusion

Penelope Hawkins

11. The rising importance of liquidity-premium analysis: towards a regeneration of liquidity-preference theory

Theodore Koutsobinas

12. "Regional finance": beyond theory and dualism

Carlos J. Rodríguez-Fuentes

13. Money in the Early Years of the Soviet Union: Barter and Back Again - A Short-lived Experiment of Transformation

Kobil Ruziev

14. The practicality of pluralism in the economic analysis of the least developed countries

Daniel Gay

15. The Body of work of Sheila Dow – Publications from 1980 to 2022

This edited collection seeks to advance thinking on money and the monetary nature of the economy, macroeconomic analysis and economic policy, setting it within the context of current scholarship and global socioeconomic concerns, and the crisis in the economics discipline. A key aim is to highlight the central contribution that Sheila Dow has made to these fields.

Bringing together an impressive panel of contributors, this volume explores topics including central bank independence, liquidity preferences, money supply endogeneity, financial regulation, regional finance and public debt.

The essays in this first collection of two will be thought-provoking reading for advanced students and scholars of macroeconomics, monetary economics, central banking and heterodox economics. Contributors have a broad range of professional experience at universities, central banks, business, development institutions and policy advisories.