Central Banking, Monetary Policy and the Common Good

This incisive book reframes the discourse surrounding monetary policy in terms of the common good, to provide broader social benefits. Leading experts illustrate how and why the common good must be understood in the context of creating more, not less, employment. Authors adopt an innovative understanding of monetary policy interventions, analysing inflation targeting strategies and the roots of income and wealth inequalities. Evaluating the tension between central banks’ independence from political pressure and dependence on the views of financial markets, the book highlights the need for institutions and policies that benefit society as a whole. Ultimately, contributors argue that the purpose of monetary policy is to contribute to the betterment of communities or society, rather than markets or individuals. Rigorous and insightful, this book is a crucial resource for students and scholars of economics and finance and also politics and public policy. It is prime reading for central bankers and politicians seeking a deeper understanding of the common good and how monetary policy impacts everyone in society.