‘Independence’ of Central Banks and the Political Economy of Monetary Policy

References

• Altavilla, C., W. Lemke, T. Linzert, J. Tapking, and J. von Landesberger. 2021. ‘Assessing the efficacy, efficiency and potential side effects of the ECB's monetary policy instruments since 2014.’ ECB Occasional Paper Series, no. 278.
   Google Scholar
• Altunbas, Y., and J. Thornton. 2022. ‘Does Inflation Targeting Increase Income Inequality?’ Journal of Post Keynesian Economics, 45 (4): 558–580.
   Web of Science ®Google Scholar
• Ampudia, M., D. Georgarakos, J. Slacalek, O. Tristani, P. Vermeulen, and G. L. Violante. 2018. ‘Monetary Policy and Household Inequality.’ ECB Discussion Paper 2170, July 2018.
   Google Scholar
• Angeriz, A., and P. Arestis. 2007a. ‘Assessing the Performance of ‘Inflation Targeting Lite’ Countries.’ The World Economy 30 (11): 1621–1645.
   Web of Science ®Google Scholar
• Angeriz, A., and P. Arestis. 2007b. ‘Assessing Inflation Targeting Through Intervention Analysis.’ Oxford Economic Papers 60 (2): 293–317.
   Web of Science ®Google Scholar
• Arestis, P. 2009. ‘The new Consensus in Macroeconomics: A Critical Appraisal.’ In Macroeconomic Theory and Macroeconomic Pedagogy, edited by G. Fontana, and M. Setterfield, 100–117. Houndsmill: Palgrave Macmillan.
   Google Scholar
• Arestis, P., and M. Sawyer. 2004. ‘Can Monetary Policy Affect the Real Economy?’ European Review of Economics and Finance 3 (3): 9–32.
   Google Scholar
• Arestis, P., and M. Sawyer. 2008a. ‘A Critical Reconsideration of the Foundations of Monetary Policy in the new Consensus Macroeconomics Framework.’ Cambridge Journal of Economics 32 (5): 761–779.
   Web of Science ®Google Scholar
• Arestis, P., and M. Sawyer. 2008b. ‘New Consensus Macroeconomics and Inflation Targeting: Keynesian Critique.’ Economia e Sociedade 17 (Número especial): 629–653.
   Google Scholar
• Arestis, P., and M. Sawyer. 2008c. ‘The New Consensus Macroeconomics: An Unreliable Guide for Policy.’ Revista Análise Econômica 26 (50): September/2008 275–297.
   Google Scholar
• Arestis, P., and M. Sawyer. 2010. ‘What Monetary Policy After the Crisis?’ Review of Political Economy 22 (4): 499–515.
   Google Scholar
• Ball, L., and N. Sheridan. 2003. ‘Does Inflation Targeting Matter?’ NBER Working Paper Series 9577.
   Google Scholar
• Bank of England. 2012. ‘The Distributional Effects of Asset Purchases.’ London: Bank of England. http://www.bankofengland.co.uk/publications/Documents/news/ 2012/nr073.pdf.
   Google Scholar
• Barro, R. J., and D. Gordon. 1983. ‘Rules, Discretion and Reputation in a Model of Monetary Policy.’ Journal of Monetary Economics 12: 101–121.
   Web of Science ®Google Scholar
• Bartsch, Elga, Agnès Bénassy-Quéré, Giancarlo Corsetti, and Xavier Debrun. 2020. ‘It’s All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together.’ Geneva: ICMB International Center for Monetary and Banking Studies London: CEPR Centre for Economic Policy Research, Geneva Reports on the World Economy 23.
   Google Scholar
• Baumann, P. F. M., M. Schomaker, and E. Rossi. 2021. ‘Central Bank Independence and Inflation: Weak Causality at Best.’ VoxEU.org, July 2021.
   Google Scholar
• Bernanke, B. S. 2008. ‘The Fed’s Road Toward Greater Transparency.’ Cato Journal 28 (2): 175–186.
   Google Scholar
• Bernanke, B. 2015. ‘Monetary Policy and Inequality.’ Accessed January 2nd 2020. https://www.brookings.edu/blogs/ben-bernanke/posts/2015/06/01-monetary-policy-and-inequality.
   Google Scholar
• Bunn, P., A. Pugh, and C. Yeates. 2018. ‘The Distributional Impact of Monetary Policy Easing in the UK Between 2008 and 2014.’ Bank of England Staff Working Papers no. 270.
   Google Scholar
• Campiglio, E., Y. Dafermos, P. Monnin, J. Ryan-Collins, G. Schotten, and M. Tanaka. 2018. ‘Climate Change Challenges for Central Banks and Financial Regulators.’ Nature Climate Change 8: 462–468.
   Web of Science ®Google Scholar
• Carney, M. 2014. ‘Inclusive Capitalism: Creating a Sense of the Systemic.’ Presentation at Conference on Inclusive Capitalism, London, 27 May. https://www.bankofengland.co.uk/-/media/boe/files/speech/2014/inclusive-capitalism-creating-a-sense-of-the-systemic.pdf
   Google Scholar
• Carney, M. 2016. ‘The Spectre of Monetarism.’ Speech given as Roscoe Lecture, Liverpool John Moore University, 5 December 2016, https://www.bankofengland.co.uk/speech/2016/the-spectre-of-monetarism.
   Google Scholar
• Colciago, A., A. Samarina, and J. de Haan. 2019. ‘Central Bank Policies and Income and Wealth Inequality: A Survey.’ Journal of Economic Surveys 33 (4): 1199–1231.
   Web of Science ®Google Scholar
• Domanski, D., M. Scatigna, and A. Zabai. 2016. ‘Wealth Inequality and Monetary Policy.’ BIS Quarterly Review March 2016: 45–64.
   Google Scholar
• Epstein, G. 2019. The Political Economy of Central Banking. Cheltenham: Edward Elgar.
   Google Scholar
• Epstein, G., and J. A. Montecino. 2020. ‘The Political Economy of Quantitative Easing and the Fed: Who Gains, who Loses, and why did it end?’ In Economic Growth and Macroeconomic Stabilization Policies in Post-Keynesian Economics, edited by H. Bougrine and L.-P. Rochon, 170–181. Cheltenham: Edward Elgar.
   Google Scholar
• European Central Bank. 2021. ‘Climate Change and Monetary Policy in the Euro Area.’ ECB Occasional Paper Series 271.
   Google Scholar
• Garriga, A. C. 2016. ‘Central Bank Independence in the World: A New Data Set.’ International Interactions 42 (5): 849–868.
   Web of Science ®Google Scholar
• Gelzinis, G., and G. Steele. 2019. Climate Change Threatens the Stability of the Financial System. Washington: Center for American Progress. 21 November 2019.
   Google Scholar
• Haldane, A. G. 2014. ‘Unfair Shares.’ Speech at Bristol Festival of Ideas, 21 May.
   Google Scholar
• Harcourt, G. C., P. Kriesler, and J. Halevi. 2018. ‘Central Bank Independence Revisited.’ In Economic Growth and Macroeconomic Stabilization Policies in Post-Keynesian Economics, edited by H. Bougrine, and L.-P. Rochon, 209–222. Cheltenham: Edward Elgar.
   Google Scholar
• Heimberger, P. 2020. ‘Potential Output, EU Fiscal Surveillance and the COVID-19 Shock.’ Intereconomics 55 (3): 167–174.
   Google Scholar
• Heimberger, P., and J. Kapler. 2017. ‘The Performativity of Potential Output: Pro-Cyclicality and Path Dependency in Coordinating European Fiscal Policies.’ Review of International Political Economy 24 (5): 904–928.
   Web of Science ®Google Scholar
• House of Lords Economic Affairs Committee. 2021. ‘Quantitative Easing: A Dangerous Addiction?’ HL Paper 42.
   Google Scholar
• Kappes, S. A. 2023. ‘Monetary Policy and Personal Income Distribution: A Survey of the Empirical Literature.’ Review of Political Economy, 35 (1): 211–230.
   Google Scholar
• Khan, N. 2022. ‘Does Inflation Targeting Really Promote Economic Growth?’ Review of Political Economy 34 (3): 564–584.
   Web of Science ®Google Scholar
• Kydland, F. E., and E. C. Prescott. 1977. ‘Rules Rather Than Discretion: The Inconsistency of Optimal Plans.’ Journal of Political Economy 85: 473–491.
   Web of Science ®Google Scholar
• Lavoie, M. 2010. ‘Changes in Central Bank Procedures during the Subprime Crisis and Their Repercussions on Monetary Theory.’ The Levy Economics Institute Working Paper 606.
   Google Scholar
• Lavoie, M., and M. Seccareccia. 1999. ‘Interest Rate—Fair.’ In Encyclopedia of Political Economy, edited by P. A. O’Hara, 543–545. London: Routledge.
   Google Scholar
• Levrero, E. S. 2021. ‘Estimates of the Natural Rate of Interest and the Stance of Monetary Policies: A Critical Assessment.’ International Journal of Political Economy 50 (1): 5–27.
   Web of Science ®Google Scholar
• Levy, D. 1995/96. ‘Does an Independent Central Bank Violate Democracy?’ Journal of Post Keynesian Economics 18 (2): 189–210.
   Web of Science ®Google Scholar
• McCallum, B. T. 2001. ‘Monetary Policy Analysis in Models Without Money.’ Federal Reserve Bank of St. Louis Review 83 (4): 145–160.
   Google Scholar
• Meyer, L. H. 2001. ‘Does Money Matter?’ Federal Reserve Bank of St. Louis Review 83 (5): 1–15.
   Google Scholar
• OECD. 2022. Economic Outlook, November 2022.
   Google Scholar
• Pasinetti, L. 1981. Structural Change and Economic Growth. Cambridge: Cambridge University Press.
   Google Scholar
• Peter, B. G., and M. L. Nagel. 2020. Zombie Ideas. Cambridge: Cambridge University Press.
   Google Scholar
• Pixley, J. 2014. Emotions in Finance: Distrust and Uncertainty in Global Markets. Cambridge, UK: Cambridge University Press.
   Google Scholar
• Qanas, J., and M. Sawyer. 2019. ‘Remarks on Monetary Policy and Fiscal Policy in an Era of Financialisation.’ Bulletin of Political Economy 13 (2): 85–94.
   Google Scholar
• Rochon, L.-P., and M. Setterfield. 2007. ‘Interest Rates, Income Distribution, and Monetary Policy Dominance: Post Keynesians and the “Fair Rate” of Interest.’ Journal of Post Keynesian Economics 30 (1): 13–42.
   Web of Science ®Google Scholar
• Rudd, J. B. 2022. ‘Why do we Think That Inflation Expectations Matter for Inflation? (And Should we?).’ Review of Keynesian Economics 10 (1): 25–45.
   Web of Science ®Google Scholar
• Samarina, A., and A. D. M. Nguyen. 2019. ‘Does Monetary Policy Affect Income Inequality in the Euro Area.’ De Nederlandsche Bank, Working Paper 626.
   Google Scholar
• Sawyer, M. 2002. ‘The NAIRU, Aggregate Demand and Investment.’ Metroeconomica 53 (1): 66–94.
   Google Scholar
• Sawyer, M. 2009. ‘Interest Rates and Inflation: What are the Links?’ Intervention 6 (1): 83–98.
   Google Scholar
• Sawyer, M. 2019. ‘Approaching budget deficits, debts and money in a socially responsible manner’. In Frontiers of Heterodox Macroeconomics, edited by P. Arestis and M. Sawyer, 45–87. Basingstoke: Palgrave Macmillan.
   Google Scholar
• Seccareccia, M. 2017. ‘Which Vested Interests Do Central Banks Really Serve? Understanding Central Bank Policy Since the Global Financial Crisis.’ Journal of Economic Issues 51 (2): 341–350.
   Web of Science ®Google Scholar
• Svensson, L. E. O. 1999. ‘Inflation Targeting as a Monetary Policy Rule.’ Journal of Monetary Economics 43: 607–654.
   Web of Science ®Google Scholar
• Svensson, L. E. O. 2003. ‘What Is Wrong with Taylor Rules? Using Judgment in Monetary Policy Through Targeting Rules.’ Journal of Economic Literature 41 (2): 426–477.
   Web of Science ®Google Scholar
• Taylor, J. B. 1999. ‘A Historical Analysis of Monetary Policy Rules.’ In Monetary Policy Rules, edited by J. B. Taylor, 319–348. Chicago: Chicago University Press.
   Google Scholar
• Weber, A., W. Lemke, and A. Worms. 2008. ‘How Useful is the Concept of the Natural Real Rate of Interest for Monetary Policy?’ Cambridge Journal of Economics 32 (1): 49–63.
   Web of Science ®Google Scholar
• Woodford, M. 2003. Interest and Prices: Foundations of a Theory of Monetary Policy. Princeton: Princeton University Press.
   Google Scholar
• Wray, L. R. 2007. ‘A Post Keynesian View of Central Bank Independence, Policy Targets, and the Rules Versus Discretion Debate.’ Journal of Post Keynesian Economics 30: 119–141.
   Web of Science ®Google Scholar