Central Banking, Monetary Policy and Financial In/Stability

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

• ContentsFinancial instability and the role of central banks and monetary policy 1L�o�u�i�s�-�P�h�i�l�i�p�p�e� �R�o�c�h�o�n�,� �S�y�l�v�i�o� �A�n�t�o�n�i�o� �K�a�p�p�e�s� �a�n�d� �G�u�i�l�l�a�u�m�e� �V�a�l�l�e�t�1 A monetary-structural reform to guarantee financial stability 5S�e�r�g�i�o� �R�o�s�s�i�2 Why are repos so huge in Brazil?: An analysis from 2002 to 2020 18F�l�áv�i�a� �F�e�l�i�x� �B�a�r�b�o�s�a� �a�n�d� �F�a�b�i�o� �T�e�r�r�a�3 Financial instability and the operations of central banks 35M�a�l�c�o�l�m� �S�a�w�y�e�r�4 Inflation, financial crises and a new Cold War: The next era of financial stability 51G�i�u�s�e�p�p�e� �M�a�s�t�r�o�m�a�t�t�e�o� �a�n�d� �L�o�r�e�n�z�o� �E�s�p�o�s�i�t�o�5 The conduct of monetary policy in a floor system and under an Ample Reserve Regime: The case of the United States in the last decade 81D�o�m�e�n�i�c�a� �T�r�o�p�e�a�n�o�6 Central banks as political institutions: Towards a more democratic monetary policy for the 21st century 99S�i�m�o�n�e� �D�e�o�s� �a�n�d� �F�e�r�n�a�n�d�a� �U�l�t�r�e�m�a�r�e�7 The role of central banks in the financial instability hypothesis 117B�a�r�k�i�n� �C�i�h�a�n�l�i�8 A tale of two crises: Monetary policy and financial (in)stability implications of climate change and pandemics 137L�i�l�i�t� �P�o�p�o�y�a�n� �a�n�d� �P�a�o�l�a� �D�’O�r�a�z�i�o�9 Monetary policy and illiquidity 163 Jan Toporowski 10 Stabilizing an unstable financial system: A Minskyian approach to market dysfunctions and the Covid-19 experience in the US 177 Norberto Montani Martins and Gabriel Porto 11 Monetary policy, market concentration and financial instability: The case of the USA 202 Ilhan Dögüs 12 The art of central banking with global shadow banks 221 Elham Saeidinezhad 13 Monetary policy, financialization and functional income distribution in G7 countries 251 Giovanna Ciaffi, Stefano Di Bucchianico and Antonino Lofaro 14 Pension funds, bonds and gilt market stability 269 Jennifer Churchill and Bruno Bonizzi 15 Conceptualizing financialization of monetary policy 284 Marcos Centurion-Vicencio and Mateo Villalba

‘This book is an outstanding collection of contributions of key experts in the area of monetary policy, central banking, and financial instability. It is a must-read for anybody keen to understand the relation between central banking and financial (in)stability in and beyond the industrial core.’