The Political Economy of Central Banking

Gerald Epstein, Professor of Economics and Co-Director, Political Economy Research Institute (PERI), University of Massachusetts-Amherst, US

Contents:

Introduction Gerald Epstein
PART I FINANCE, MACROECONOMIC POLICY AND CENTRAL BANKING: FROM VOLCKER TO TRUMP
1 ‘Domestic Stagflation and Monetary Policy: The Federal Reserve and the Hidden Election’, in Thomas Ferguson and Joel Rogers (eds), The Hidden Election: Politics and Economics in the 1980 Presidential Campaign , New York, NY, USA: Pantheon Books, 1981, 141–95

2 ‘Federal Reserve Behavior and the Limits of Monetary Policy in the Current Economic Crisis’, in Robert Cherry, Christine D’Onofrio, Cigdem Kurdas, Thomas R. Michl, Fred Moseley and Michele I. Naples (eds), The Imperiled Economy: Book I: Macroeconomics from a Left Perspective , Chapter 23, New York, NY, USA: The Union for Radical Political Economics, 1987, 247–55, references

3 ‘Trumponomics: Should We Just Say “No”?’, Challenge , 60 (2), 2017, 104–21

PART II CAPITALISTS, WORKERS AND WALL STREET: THE FIGHT FOR THE FEDERAL RESERVE
4 ‘Federal Reserve Politics and Monetary Instability’, in Alan Stone and Edward J. Harpham (eds), The Political Economy of Public Policy , Chapter 9, Beverly Hills, CA, USA: Sage Publications, 1982, 211–40

5 ‘The Federal Reserve–Treasury Accord and the Construction of the Postwar Monetary Regime in the United States’, with Juliet B. Schor, Social Concept , 7 (1), July, 1995, 7–48

6 ‘Monetary Policy, Loan Liquidation, and Industrial Conflict: The Federal Reserve and the Open Market Operations of 1932’, with Thomas Ferguson,
Journal of Economic History , XLIV (4), December, 1984, 957–83

7 ‘Corporate Profitability as a Determinant of Restrictive Monetary Policy: Estimates for the Postwar United States’, with Juliet B. Schor, in Thomas Mayer (ed.), The Political Economy of American Monetary Policy , Chapter 4, New York, NY, USA: Cambridge University Press, 1990, 51–63

PART III THE POLITICAL ECONOMY OF CENTRAL BANKING: ANALYTICAL AND EMPIRICAL PERSPECTIVES
8 ‘Contested Terrain’, in Louis-Philippe Rochon and Sergio Rossi (eds), The Encyclopedia of Central Banking , Cheltenham, UK and Northampton, MA, USA: Edward Elgar Publishing Ltd, 2015, 105–7

9 ‘Macropolicy in the Rise and Fall of the Golden Age’, with Juliet B. Schor, in Stephen A. Marglin and Juliet B. Schor (eds), The Golden Age of Capitalism: Reinterpreting the Postwar Experience , Chapter 3, Oxford, UK: Clarendon Press, 1990, 126–52, references

10 ‘Political Economy and Comparative Central Banking’, Review of Radical Political Economics , 24 (1), March, 1992, 1–30

11 ‘A Political Economy Model of Comparative Central Banking’, in Gary Dymski and Robert Pollin (eds), New Perspectives in Monetary Macroeconomics: Explorations in the Tradition of Hyman P. Minsky , Chapter 9, Ann Arbor, MI, USA: The University of Michigan Press, 1994, 231–77

12 ‘Profit Squeeze, Rentier Squeeze and Macroeconomic Policy Under Fixed and Flexible Exchange Rates’, Economies et Sociétés , 25 (3), November/December, 1991, 219–57

13 ‘The Rise of Rentier Incomes in OECD Countries: Financialization, Central Bank Policy and Labor Solidarity’, with Arjun Jayadev, in Gerald A. Epstein (ed.), Financialization and the World Economy , Chapter 3, Cheltenham, UK and Northampton, MA, USA: Edward Elgar Publishing Ltd, 2005, 46–74

PART IV INFLATION TARGETING VS. DEVELOPMENTAL CENTRAL BANKING
14 ‘Financialization, Rentier Interests and Central Bank Policy’, 2002, 1–43

15 ‘Central Banks as Agents of Economic Development’, in Ha-Joon Chang (ed.), Institutional Change and Economic Development , Chapter 6, New York, NY, USA: United Nations University Press and London, UK: Anthem Press, 2007, 95–113

16 ‘Developmental Central Banking: Winning the Future by Updating a Page from the Past’, Review of Keynesian Economics , 1 (3), Autumn, 2013, 273–87

17 ‘Achieving Coherence Between Macroeconomic and Development Objectives’, in Joseph E. Stiglitz and Martin Guzman (eds), Contemporary Issues in Macroeconomics: Lessons from The Crisis and Beyond , IEA Conference Volume 155-II , Chapter 11, Basingstoke, UK and New York, NY, USA, Palgrave Macmillan, 2016, 148–59

PART V THE FEDERAL RESERVE AND THE GREAT FINANCIAL CRISIS OF 2007–2008
18 ‘Have Large Scale Asset Purchases Increased Bank Profits?’, with Juan Antonio Montecino, Institute for New Economic Thinking (INET) Working Paper No. 5 , December, 2014, 1–25

19 ‘The Political Economy of QE and the Fed: Who Gained, Who Lost and Why Did it End?’, with Juan Antonio Montecino, Political Economy Research Institute (PERI) Working Paper Number 408 , November, 2015, 1–25

20 ‘The Impact of Quantitative Easing on Income Inequality in the United States’, November, 2018

PART VI REFORMING THE FEDERAL RESERVE
21 ‘Statement on Monetary Policy’, Testimony Prepared for the House Committee on Banking, Finance, and Urban Affairs , July 19th, 1983, 1–11

22 ‘A Debate with Robert Pollin: Should Congress Control the Federal Reserve?’, with Robert Pollin, Dollars & Sense , 136 , May, 1988, 12–17, 22

23 ‘Reforming the Federal Reserve for the 21st Century’, 2018

Index