Monetary Economics, Banking and Policy

Penelope Hawkins is Senior Economic Affairs Officer at UNCTAD, specializing in public indebtedness of developing countries, financing for development and financial inclusion. As Founder and Managing Director of Feasibility (Pty) Ltd, she previously undertook leading research projects in the financial sector in Southern Africa. Orcid.org/0000-0002-2395-2499 Ioana Negru is Reader in Economics at University ‘Lucian Blaga’ Sibiu. She is the Co-editor of Ethical Formation of Economists (2019) with Wilfred Dolfsma and Gift in Economy and Society (2020), with Stefan Kesting and Paolo Silvestry. She is a member of the Skidelsky Committee for improving the economics curriculum worldwide.

Introduction, 1. Macroprudential institutionalism: The Bank of England’s Financial Policy Committee and the contemporary limits of central bank policy by Jamie Morgan, 2. Central Bank Independence: are the glory days over? By Charles Goodhart, 3. The efficacy of monetary policy in an age of financialisation and climate change by Malcolm Sawyer, 4. Keynes on Individual Behavior and the Possibility of Involuntary Unemployment Equilibrium by Roy Rotheim, 5. Keynes’s Chapter 2 definition of involuntary unemployment by Chris Torr, 6. What Keynes learnt from Kalecki – A brief introduction to the Fiscal theory of Debt Management by Jan Toporowski, 7. Payment vs. Funding: The Law of Reflux for Today by Perry Mehrling, 8. Revolution and counter-revolution in UK banks’ asset composition since 1945, and why they matter to the debate about horizontalism by Tim Congdon, 9. The endogeneity of the money supply in the General Theory by Geoff Harcourt and Peter Kriesler, 10. Liquidity preference and the digital financial inclusion illusion by Penelope Hawkins, 11. The rising importance of liquidity-premium analysis: towards a regeneration of liquidity-preference theory by Theodore Koutsobinas, 12. Regional finance: beyond theory and dualism by Carlos Rodrigues Fuentes, 13. Money in the Early Years of the Soviet Union: Barter and Back Again - A Short-lived Experiment of Transformation by Kobil Ruziev, 14. The practicality of pluralism in the economic analysis of the least developed countries by Daniel Gay, 15. The Body of work of Sheila Dow – Publications from 1980 to 2022