Credit, Money and Macroeconomic Policy

Edited by Claude Gnos, Senior Research Associate, Centre for Monetary and Financial Studies, University of Burgundy, Dijon, France and the International Economic Policy Institute, Laurentian University, Canada 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:IntroductionClaude Gnos and Louis-Philippe Rochon PART I: ENDOGENOUS MONEY AND FINANCIAL CRISIS1. A Minsky Moment? The Subprime Crisis and the ‘New’ CapitalismRiccardo Bellofiore and Joseph Halevi2. Lessons from the 1929 Crash and the 1930s Debt Deflation: What Bernanke and King Learned, and What They Could Have LearnedRobert W. Dimand3. The Collapse of Securitization: From Subprimes to Global Credit CrunchRobert Guttmann PART II: MONETARY POLICY AND POLICY RULES4. From Monetary to Fiscal Policy Rule: A Matter of Adjustment or Choice?Theodore T. Koutsobinas5. Money Creation, Employment and Economic Stability: The Monetary Theory of Unemployment and InflationAlain Parguez6. Monetary Policy Without Reserve Requirements: Central Bank Money as Means of Final Payment on the Interbank MarketLouis-Philippe Rochon and Sergio Rossi7. Post-Keynesian Interest Rate Rules and Macroeconomic Performance: A Comparative EvaluationLouis-Philippe Rochon and Marc Setterfield PART III: MONETARY POLICY UNDER THE BASEL II ACCORD8. Basel II: A New Regulatory Framework for Global BankingRobert Guttmann9. The Basel II Influence on the Money Supply Process: A Comparative Analysis of the Eurozone and the United StatesStelios Karagiannis, Yannis Panagopoulos and Aristotelis Spiliotis10. Implications of Basel II for National Development BanksRogério Sobreira and Patricia Zendron PART IV: INFLATION TARGETING, NEW CONSENSUS MACROECONOMICS AND MACROECONOMIC POLICY11. Inflation Targeting Drawbacks in the Absence of a ‘Natural’ Anchor: A Keynesian Appraisal of the Fed and ECB Policies from 1999 to 2006Angel Asensio12. Fiscal Policy in the Macroeconomic Policy Mix: A Critique of the New Consensus Model and a Comparison of Macroeconomic Policies in France, Germany, the UK and Sweden from a Post-Keynesian PerspectiveEckhard Hein and Achim Truger13. Re-thinking Macroeconomic Policies Malcolm Sawyer14. Turkish Monetary Policy in a Post-Crises Era: A Further Case of ‘New Consensus’?Ulaş Şener15. Instability and Uncertainty in Cognitive CapitalismAndrea Fumagalli and Stefano LucarelliIndex

‘The volume Credit, Money and Macroeconomic Policy edited by Claude Gnos and Louis-Philippe Rochon, represents a most important contribution to our understanding of the nature and role of credit and money in modern economies. It deals with some of the most pressing issues of our time; as such it constitutes an invaluable guide for the comprehension of the effects of the last twenty years of inflation targeting policies.’