Central Banking, Monetary Policy and Social Responsibility

Edited by Guillaume Vallet, Full Professor, Université Grenoble Alpes and Research Fellow, Centre de Recherche en Economie de Grenoble (CREG), France, Sylvio Kappes, Assistant Professor, Federal University of Alagoas, Brazil and Louis-Philippe Rochon, Full Professor, Laurentian University, Canada, Editor-in-Chief, Review of Political Economy and Founding Editor Emeritus, Review of Keynesian Economics

Contents:

Introduction to Central Banking, Monetary Policy and Social
Responsibility 1
Guillaume Vallet, Sylvio Kappes and Louis-Philippe Rochon
1 Will central bank independence withstand political pressure? 20
Charles Goodhart and Manoj Pradhan
2 Some of the effects of monetary structures, politics, and
memories on central banking 35
John H. Wood
3 The whys and how of central bank independence: from
legal principles to operational accountability 57
Maqsood Aslam, Etienne Farvaque and Piotr Stanek
4 Bankocracy, or a new age of the European Central Bank 74
Marie Cuillerai
5 Central banking and inequalities: old tropes and new practices 88
François Claveau, Clément Fontan, Peter Dietsch and
Jérémie Dion
6 Making environments safer: a safe asset for a green (and
financial) new deal and for more responsible central banks
– what could, and should, the ECB do? 112
Massimo Amato and Lucio Gobbi
7 Masters of the game: the power and social responsibility of
central banks and central bankers in a democracy 136
Louis-Philippe Rochon and Guillaume Vallet
8 The past is already gone, the future is not yet here: the case
of the Federal Reserve’s system of money management 159
Jong-Un Song
9 Precautionary monetary policy and democratic legitimacy:
tensions and openings 172
Rob Macquarie
10 The social sources of “unelected power”: how central
banks became entrapped by infrastructural power and what
this can tell us about how (not) to democratize them 195
Timo Walter

Index 219