Future of Central Banking

Edited by Sylvio Kappes, Assistant Professor, Federal University of Alagoas, Brazil, Co-Editor, Review of Political Economy and Co-Director, Monetary Policy Institute, 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 and Guillaume Vallet, Full Professor, Université Grenoble Alpes and Research Fellow, Centre de Recherche en Economie de Grenoble (CREG), France

‘Central banking is about the provision of the means of payment, and payment is, whether we like it or not, at the core of the organisation of modern society. Therefore it should not come as a surprise that central banking will have to evolve with society and has to take up its ever changing challenges. The authors of this unique book are thought leaders in the various fields in which central banking has to react or can lead change of the economy and society. For central bankers the book is a rich source of inspiration for the coming years.’

• Contents:Introduction to The Future of Central Banking 1Sylvio Kappes, Louis-Philippe Rochon and Guillaume Vallet1 The general ineffectiveness of monetary policy or theweaponization of inflation 20Louis-Philippe RochonPART I CENTRAL BANKING AND INCOME DISTRIBUTION2 Monetary policy and personal income distribution:a survey of the empirical literature 38Sylvio Kappes3 Inflation targeting regime and income distribution inemerging market economies 62Lilian Rolim and Nathalie Marins4 Monetary policy in the United States and its impact on thefunctional distribution of income: 1970–2015 84Ivan Dario VelasquezPART II CENTRAL BANKING AND GENDER5 Feminist macroeconomics and monetary policy 107Elissa Braunstein6 The necessary winds of change: empowering women incentral banking 128Guillaume ValletPART III CENTRAL BANKING AND ECOLOGICAL CONCERNS7 Contending views on the role of central banks in the age ofclimate change: a review of the literature 151William Oman, Mathilde Salin and Romain Svartzman8 Climate change, central banking and financial supervision:beyond the risk exposure approach 175Yannis Dafermos9 Central banking for a social-ecological transformation 195Louison Cahen-FourotPART IV CENTRAL BANKING, MACROPRUDENTIALPOLICIES AND FINANCIAL STABILITY10 The relationship between central banks and financialregulation: a critique of the mainstream consensus andelements for a post-Keynesian approach 220Esteban Pérez Caldentey11 Macroprudential policy of central banks 249Fábio Henrique Bittes Terra and Gustavo Chagas GoudardPART V CENTRAL BANKING AND STRUCTURAL CHANGE12 Can monetary policy promote structural change?Analyzing the Brazilian experience froma new-developmental perspective 263Cristina Helena Pinto de Mello and Paulo Robilloti13 Currency hierarchy, inflation targeting and structuralchange: the Brazilian experience 290Daniela Magalhães Prates, Carolina Troncoso Baltar andRosângela Ballini14 Central banks and democracy under long-term changes 316Jocelyn PixleyPART VI CENTRAL BANKING INDEPENDENCE15 Monetary policy committees at the Central Bank of WestAfrican States (BCEAO) and the Bank of the CentralAfrican States (BEAC) 337Régis Bokino and Edwin Le Heron16 Central bank independence from banks rather than governments 360Sergio RossiIndex