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This book explores the challenges faced by central banks in the aftermath of the global financial crisis and the events that followed. It further emphasises the asymmetries in the transmission of monetary policy in the Eurozone economies and among major advanced economies. The book also highlights the advances in the monetary policy debate towards an efficient resource allocation.
The author argues that the canonical model of macroeconomic stabilization, which assigns the main burden of stabilization to monetary policy, is outdated primarily because of the absence of financial frictions. Further, she highlights the urgency of pushing risky activities outside the perimeters of regulation in face of rapidly evolving financial markets. The book provides an analytical framework in the context of intense globalisation and increased interdependence across economies, irrespective of the recent re-examining of supply-chains and trade relationships, as well as a policy framework thoroughly amended after the global financial crisis and the crises that followed it.
Presenting policy proposals, the book discusses how policymakers must try to develop a set of policies that the public will have confidence in and take into account in forming expectations about future inflation and spending. It will be useful to central banking practitioners, monetary and fiscal policymakers, as well as students and scholars in economics and, in particular, financial economics.
List of contents
Chapter 1. Introduction.- Part 1: Does the Science of Monetary Policy Need to Be Altered?.- Chapter 2. New Challenges on the Science of Monetary Policy.- Chapter 2. New Lessons for Macroeconomics and Finance Theory.- Chapter 4. In Search for a New Monetary Policy Framework.- Part 2: Challenges for Monetary Policy in Interdependent Economies: Lessons From the Eurozone Crisis.- Chapter 5. Monetary Policy Crisis in the Eurozone.- Chapter 6. A Critical Assessment of the Euro-project in Retrospect.- Part 3: The Task Ahead: Monetary Policy in Uncharted Waters.- Chapter 7. Monetary Theory and Policy: the Implications of Radical Uncertainty.- Chapter 8. Monetary Policy in Interdependent Economies: the Task Ahead.- Chapter 9. Looking to the Future: Monetary Policy in Uncharted Waters.
About the author
Ioanna T. Kokores is an Assistant Professor in ¿Monetary Theory and Policy¿ at the Department of Economics, School of Economics, Business and International Studies, University of Piraeus, Greece. She is lead editor of the book ¿Money, Trade and Finance: Recent Trends and Methodological Issues¿ (Palgrave Macmillan), and author of ¿Monetary Policy and Financial Stability: Challenges before and after the Global Financial Crisis¿ (Cambridge Scholars Publishing).
