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, Co-Editor, Review of Political Economy and Co-Director, Monetary Policy Institute and Louis-Philippe Rochon, Full Professor, Laurentian University, Canada, Editor-in-Chief, Review of Political Economy, Founding Editor Emeritus, Review of Keynesian Economics and Director, Monetary Policy Institute

‘For the first time in decades, the very purpose of central banking is being debated again, and this time round not only by economists. Reflecting the debate’s breadth, this book will be useful for anyone who wants to form their own views before events drive the answers.’

• Contents:Introduction to Central Banking, Monetary Policy and SocialResponsibility 1Guillaume Vallet, Sylvio Kappes and Louis-Philippe Rochon1 Will central bank independence withstand political pressure? 20Charles Goodhart and Manoj Pradhan2 Some of the effects of monetary structures, politics, andmemories on central banking 35John H. Wood3 The whys and how of central bank independence: fromlegal principles to operational accountability 57Maqsood Aslam, Etienne Farvaque and Piotr Stanek4 Bankocracy, or a new age of the European Central Bank 74Marie Cuillerai5 Central banking and inequalities: old tropes and new practices 88François Claveau, Clément Fontan, Peter Dietsch andJérémie Dion6 Making environments safer: a safe asset for a green (andfinancial) new deal and for more responsible central banks– what could, and should, the ECB do? 112Massimo Amato and Lucio Gobbi7 Masters of the game: the power and social responsibility ofcentral banks and central bankers in a democracy 136Louis-Philippe Rochon and Guillaume Vallet8 The past is already gone, the future is not yet here: the caseof the Federal Reserve’s system of money management 159Jong-Un Song9 Precautionary monetary policy and democratic legitimacy:tensions and openings 172Rob Macquarie10 The social sources of “unelected power”: how centralbanks became entrapped by infrastructural power and whatthis can tell us about how (not) to democratize them 195Timo WalterIndex 219