Tag Archives for Monetary Policy
The Coming Crisis: systemic stabilization and the investment state
A new ‘investment state’ is needed to provide stability in the new uncertain political economy of shadow money, financial instability and demand deficiency We live in an era characterised by a confusing evolutionary dynamic relationship between financial innovation, the state and patterns of investment that we barely understand. At the core of this conundrum is the little understood issue of … Continue reading
The Coming Crisis: the monetary policy credibility trap
In the latest blog in SPERI’s series on ‘The Coming Crisis’ Jacqueline Best asks: what do central banks and governments do when exceptions to the monetary policy rules keep piling up? Quite a few commentators have noted that central bankers have become rather less boring of late. Since the 2008 financial crisis, central banks have taken on new roles and … Continue reading
Saving ‘Social Europe’
Reinterpreting the rules ‘by stealth’ is all that is presently possible in governing the Eurozone economy During the euro’s sovereign debt crisis, European leaders have been obsessed with rules, numbers and pacts. These include the ‘Six-Pack’, the ‘Two-Pack’ and the ‘Fiscal Compact’, each more stringent on the nature of the rules, more restrictive with regard to the numbers and more … Continue reading
Central banking and the governance of the price architecture
Monetary policy will not alleviate the injustices of prices in an era of massive inequality With the Bank of England signalling an impending interest rate rise, monetary policy has returned to centre stage. Since 2008 we have lived through a period of extremely unorthodox monetary policy characterised by unprecedentedly low interest rates. This era of ‘cheap money’ may now be … Continue reading
Macroeconomic governance since the financial crash
Acknowledging the redundancy of silo governance will be a vital first step in creating the new macroeconomic institutional arrangements we need The most distinguishing feature of the macroeconomic governance frameworks that emerged throughout the world in the 1990s was the creation of a number of narrowly focused institutional silos (fiscal, monetary and financial regulation). In the aftermath of the financial … Continue reading →
17 November 2016 by Andrew Baker
Categories: SPERI Comment | Tags: Andrew Baker, finance, fiscal policy, Governance, macroeconomic, Monetary Policy, regulation, silos | Leave a comment