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This book explores the relationship between monetary policy and income (and wealth) distribution, a growing area of research in post-Keynesian and heterodox economics today. The interest actually goes back at least to Keynes, who in his
Tract on Monetary Reform, discusses the effects of interest rates on income distribution - what has been called a 'rentier-first' monetary policy. This led Keynes, in the
General Theory, to advocate for what he calls 'the euthanasia of the rentier.' For Keynes, monetary policy should be set at a low enough rate of interest as to maximize our collective ability to attain full employment. Joan Robinson further developed these ideas in her
Accumulation of Capital (1956), examining the distributive nature of interest rates.
Within contemporary heterodox economics, this topic gained renewed attention in the late 1980s through influential papers by prominent post-Keynesians who highlighted concerns about how interest rate changes affect functional income distribution. This perspective places social class dynamics and class conflict at the center of monetary policy debates, challenging mainstream approaches that often overlook distributional consequences.
This book is an invaluable read for economics researchers, graduate students, and policy analysts of monetary theory, macroeconomics, political economy, income inequality, financial economics, and heterodox economic approaches.
The chapters in this book were originally published in
Review of Political Economy.
Table des matières
Introduction - Monetary Policy and Income Distribution: The Pasinetti Index
1. Where do the Pasinetti Rule and the Pasinetti Index Come from?
2. Distributional Regimes in the US - The Pasinetti Index and the Monetary Policy Effects on Income Distribution
3. Monetary Policy and the Pasinetti Index: A Stock Flow Model for Latin American Economies
4. Revisiting the Pasinetti Index: Understanding Its Cyclical and Long-Term Features and Its Important Implications for Macroeconomic Policy
5. The Distributive Impact of Unconventional Monetary Policies: Old and New
6. The Pasinetti Index and the Rise of Inequality in the Age of Unconventional Monetary Policy in Japan
7. Monetary Policy and Income Distribution: Some Reflections on the Pasinetti Rule
A propos de l'auteur
Sylvio Antonio Kappes is Assistant Professor of Macroeconomics at the Federal University of Alagoas, Brazil. He is co-editor of the "Elgar Series on Central Banking and Monetary Policy", together with Louis-Philippe Rochon and Guillaume Vallet. He is Co-Editor of the Review of Political Economy. He also sits on the editorial boards the Bulletin of Political Economy and Advances in Economics Education. He is co-director of the Monetary Policy Institute.
Louis-Philippe Rochon is Full Professor of Economics at Laurentian University, Canada. He is the current Editor-in-Chief of the
Review of Political Economy, and the founder (now Editor Emeritus) of the
Review of Keynesian Economics. He sits on the editorial board of 14 other journals. He has published widely in several journals on monetary policy and post-Keynesian economics. He has been a Visiting Professor in over 10 countries. He is the co-director of the Monetary Policy Institute.
