PUBLICATIONS
Books
THE ELGAR SERIES ON CENTRAL BANKING AND MONETARY POLICY
Edited by Sylvio Kappes, Louis-Philippe Rochon and Guillaume Vallet
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This series explores the various topics important to the study of central banking and monetary theory and policy and the challenges surrounding them. The books in the series analyze specific aspects such as income distribution, gender and ecology and will, as a body of work, help better explain the nature and the future of central banks and their role in society and the economy.
SERIES ACCLAIM
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"This book series could not be more timely: central banking and monetary policy have gone through several unprecedented episodes in the new millennium, and it seems that the near future will, if anything, be even more challenging. Moreover, the digitalisation of money and payments, and new forms of money – like stablecoins and CBCD foreshadow further change. As a consequence, neither academics nor central bankers would dispute the need to thoroughly revisit monetary economics. The comprehensive and systematic approach taken by this series, and its acceptance of many perspectives, will be an important contribution to the necessary debates to come."
Ulrich Bindseil, Director General, ECB’s Directorate General Market Infrastructures and Payments
"The editors of this series have been doing an amazing job in gathering this outstanding and groundbreaking collection of research works on a number of different major issues for the global economy in the twenty-first century. The books in this series provide food for thought for both students and scholars in macroeconomics and for policy makers around the world."
Sergio Rossi, Full Professor of Macroeconomics and Monetary Economics, University of Fribourg, Switzerland
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"This new series on central banking breaks new ground in several respects. Contributions present fresh insights on perennial matters, such as financial fragility and the efficacy of monetary policies. They also recenter discussions of monetary policies and central banking around new areas of inquiry, such as income and wealth distribution, the climate emergency, and gender. The editors are to be commended for bringing together a truly global cast of scholars, both established and rising. These books make essential contributions to our understanding of central banking and monetary policy, something that is more important than ever now that the central bankers are beginning a devastating march toward quantitative tightening."
Ilene Grabel, Distinguished University Professor, Josef Korbel School of International Studies, University of Denver, US
"This new series, planned to consist of a dozen books, is an ambitious attempt to ascertain and analyze all of the current and potential tasks and responsibilities of central bankers, as well as their current and likely future challenges. The editors have done a terrific job in gathering contributions from both experienced scholars and innovative young researchers. They deal with established topics such as inflation targeting, interest rate targeting and financial stability, but also with new concerns about monetary policy, such as income distribution by class, gender and race; digital, local and crypto currencies; democracy in decision-making , as well as climate change and the environment."
Marc Lavoie, Professor Emeritus, University of Ottawa, Canada and University of Sorbonne Paris Nord, France
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"This is an exciting and extraordinary new book series, co-edited by one of the leading post-Keynesians, that pushes the boundaries of central banking and monetary policy. It sheds light on some dark and forgotten corners of the impact of monetary policy, while surveying some standard questions. This is a giant step forward for post-Keynesian economics."
The Edward Lipinsky Foundation
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Edited by
Sylvio Kappes
Louis-Philippe Rochon
Guillaume Vallet
"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."
Ulrich Bindseil, European Central Bank
"Over the last half century, the art of central banking underwent a significant transformation: from a de facto broadly-defined social role that was bestowed on these publicly-mandated institutions of the early postwar era to conduct monetary policy, via the balancing of numerous social and economic concerns, into what became a single-minded dogma of inflation fighting. Through force majeure, the Great Financial Crisis of 2007-2008 and the COVID-19 crisis have shaken this dogma to its core, thereby slowly leading to a redefining of the role of central banks for the twenty-first century. This book is unique in offering readers a rigorous analysis of some of the most important new and exciting directions in the art of central banking, from a concern with gender and the functional and personal distribution of income and wealth to dealing with the climate/ecological crisis."
Mario Seccareccia, University of Ottawa, Canada and International Journal of Political Economy
‘Both well-established and bright young authors have contributed to The Future of Central Banking. The book covers topics about central banking that are usually left out of the literature but that are attracting a growing amount of attention, such as central banking and income distribution, central banking and gender, and central banking and ecological problems. Other chapters also provide an innovative approach to previously-discussed issues such as macroprudential policies or central bank independence and democracy.’
Marc Lavoie, University of Ottawa, Canada and University of Sorbonne Paris Nord (CEPN), France
Check out the review by Colin Rogers
Edited by
Louis-Philippe Rochon
Sylvio Kappes
Guillaume Vallet
"The editors of this book have produced an amazing book for an equally amazing new series on central banking that could not have come out at a better time. Climate change and environmental issues are at the top of our concerns, and many are wondering what role central banks have to play in this saga. The editors have brought together an incredible list of established and younger scholars alike, from a heterodox perspective. They offer a refreshing analysis of the current situation and dare to offer credible and bold solutions for a green way forward. This book must be on the shelf of every student of economics."
Steve Keen, Independent Economist
"More than any other current research topic, climate change exposes the flaws of mainstream approaches to economics while simultaneously highlighting the importance of insights from heterodox approaches, in particular post-Keynesian. Radical uncertainty is pervasive in even the most sophisticated climate models, complexity is inevitable when dealing with a planetary threat, and institutions cannot be abstracted away when political action is at the core of the problem. This remarkable book addresses these challenges head-on from the perspective of central banking, a subject in which the editors have amassed encyclopedic knowledge. It is essential reading for anyone interested in anything starting with the word “green”, including finance, bonds, quantitative easing, transition, or revolution."
Matheus Grasselli, McMaster University, Canada
"Central Banking, Monetary Policy and the Environment provides a quite complete overview of the challenges and opportunities faced today by the financial and monetary systems in light of the vital imperative to fund worldwide sustainability transitions. At distance with the complacency of “green (market) finance”, the book provides clear cut and deep analyses of the conditions under which endogenous money, central banking or even new currencies can help redirect the power of money creation so as to save our natural ecosystems, our resources and our living conditions."
Gael Giraud, Georgetown University, US
Check the review by Wallace Pereira & Douglas Alencar
Edited by
Guillaume Vallet
Sylvio Kappes
Louis-Philippe Rochon
"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."
Paul Tucker, Harvard Kennedy School, US, author Unelected Power and former central banker
"This book, a new look at central banks, could not be more timely. The Great Financial Crisis of 2007-2009 and the global Covid pandemic have been among the greatest economic and social challenges to hit the world''s economies since the Second World War. As if these were not enough, the global climate crisis (along with the threat of nuclear annihilation) is the worst existential threat society has faced, perhaps in millennia. Central Banks, as one of the most powerful macroeconomic institutions in most countries, have been thrust into the position of needing to help ameliorate these unprecedented problems, and for most, these present dilemmas far beyond traditional trade-offs between inflation and unemployment. How are central banks dealing with these new, highly consequential issues? How should they deal with them? In this book, a refreshing variety of authors – some seasoned, some relatively new, and as a group coming from a range of backgrounds and places – take a number of fresh, thoughtful and thought-provoking looks at contemporary central banks as they grapple with these problems. All students of central banking, and anyone concerned about these major problems, will find something important and valuable in these pages. They can bank on it."
Gerald Epstein, University of Massachusetts Amherst, US
"Central banks are institutions that wield extraordinary power on the economy, whose independence from political pressures has been lauded by professional economists for decades. Yet, the forceful responses by central banks during the Covid-19 and the Global Financial Crisis, have also raised the discomfort with such unelected powerful economics institutions. Central Banking, Monetary Policy and Social Responsibility reveals how professional economists are revisiting their previously held belief, how central banks themselves are coping, and perhaps ought to be coping with this issue. In it, economists and former central bankers are forced to bare their soul and expose their true values. A must read."
Nadine Baudot-Trajtenberg, Former Deputy Governor of the Bank of Israel and Reichman University, Israel
Edited by
Guillaume Vallet
Sylvio Kappes
Louis-Philippe Rochon
"Research about the future of money is too often biased or incomplete because the potentialities of a single type of money (crypto-asset, central bank digital currency or local complementary currency) are analyzed by making technological development the main force for change. The authors of Central Banking, Monetary Policy and the Future of Money take up the challenge of approaching these potentialities by considering how the plurality of both material and institutional forms (public, private and community) evolves in various socio-economic and cultural contexts. We discover the possible scenarios in a future that is multiple and uncertain because it is constantly being reframed by the ever-changing present contexts."
Jean-Michel Servet, Graduate Institute, Geneva, Switzerland
"The rapid evolution of forms of digital money has stimulated a vast wide-ranging literature on the “future” of money, especially the impact of the proliferation of cryptocurrencies on the relationships between monetary authorities and central banks. In contrast to the superficial speculative nature of much of the debate, the editors and contributors in this collection bring sound, meticulous scholarship and a thorough understanding of monetary theory and policy, setting an exemplary standard for future research."
Geoffrey Ingham, University of Cambridge, UK
"This book on central banking, monetary policy and the future of money is driven by three talented economists under the auspices of post-Keynesian economics. Gathering many authors in its eleven chapters, the book largely explores the future under the heading of cryptocurrencies. Most articles deal with central bank digital currencies (CBDC), either theoretically or in describing this innovation in some countries. The theoretical underpinning, echoing Keynes’s view, is that CBDCs recover the sovereignty of money in the digital world."
Michel Aglietta, Centre d’Études Prospectives et d’Informations Internationales (CEPII), France
Edited by
Sylvio Kappes
Louis-Philippe Rochon
Guillaume Vallet
"Inequality in the distributions of income and wealth continues to rise. Meanwhile, since the global financial crisis, central bankers have become aware that in a monetary-production economy, there’s more to life than “fine tuning” an economy with reference to an inflation target. The time is therefore ripe for reinvigoration of research into the links between monetary policy and distribution. And with its clear focus throughout on the interest rate–income distribution nexus, this book delivers."
Mark Setterfield, New School for Social Research, US
"This book is a very welcome addition to the literature on central banking. Behind all the talk about “inflation targeting”, “dual mandates”, and so forth, it is obvious that monetary policy directly affects income distribution. Maybe this is what it has been about all along? The Editors have invited an impressive list of well-known and emerging scholars who explore the link between monetary policy and income and wealth inequalities in the best tradition of Keynes and post-Keynesian economics."
John Smithin, York University, Canada
"This book blazes new terrain on the role of monetary policy by focusing on its impact on income inequality."
Steven Pressman, Monmouth University, US
Edited by
Fernando Ferrari-Filho
Luiz Fernando de Paula
Edited by
Salewa Olawoye
"Olawoye has assembled an excellent group of articles which show the different impact of monetary policy in African countries that are members of a currency union, or monetary sovereign. Her work underscores the significant, on the ground differences in their approaches to dealing with COVID-19, and the limitations imposed by monetary union."
Joëlle J. Leclaire, State University of New York, Buffalo State, US
"The chapters in this book through examining the response of central banks to the COVID-19 pandemic provide much needed discussion on and insights into the roles of Central Banks in Sub-Saharan African countries. The COVID-19 pandemic and its impact on economies forced governments and central banks across the world to shift out of business as usual mode. Within developing countries, the pandemic reopened questions about health, resilience, economic development and macroeconomic policies, including monetary policy and the role of central banks.
Salewa Olawoye has assembled valuable accounts of central bank responses and implementation of monetary policies for several countries across Sub-Saharan Africa in response to the pandemic. An important contribution of this book is to recognise the diversity across the countries of the region and to examine the role and effectiveness of country-specific monetary policy responses to the pandemic. This volume is an important contribution at a time when strategies to build resilience within countries and communities to pandemics, the impacts of climate change and other interrelated crises are urgently required.
Seeraj Mohamed, Deputy Director, South African Parliamentary Budget Office
Edited by
Louis-Philippe Rochon
Sylvio Kappes
Guillaume Vallet
"This interesting book seeks to introduce the reader to very relevant and important topics, such as the role of central banks, monetary policy and gender. The book is not just for economists but for anyone invested in a future where economic policies promote inclusivity, equality, and justice. It's a call to action for reshaping the financial landscape, ensuring that the benefits of economic policies are felt by all, regardless of gender. The book doesn't stop at mere observations; it challenges existing paradigms."
Veronica Artola, Former governor, Central Bank of Ecuador
“This volume examines understudied and important questions regarding monetary policy’s distributional impacts and the role of gender representation in central banking. Readers looking for an introduction to these topics will benefit from the impressive range of geographies and methodologies covered by the chapters in this text. The blending of post-Keynesian and feminist approaches is particularly timely given shifts in monetary policy globally and continued disparities in economic outcomes by gender”.
Melanie Long, Wooster College
"Macroeconomists rarely consider gender when analyzing monetary and financial policies, content in the assertion that there is no need since such analysis, by its nature, is gender blind. This important collection of essays proves otherwise, demonstrating that being gender blind does not imply gender neutrality. The book shines a spotlight on the dramatic range of gender biases associated with monetary policy, exchange rates, inflation, financial markets and corporate governance and, in so doing, makes a clear case for changing how we think about macroeconomic policies and outcomes."
James Heinz, University of Massachusetts, Amherst
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‘This book is an outstanding collection of contributions of key experts in the area of monetary policy, central banking, and financial instability. It is a must-read for anybody keen to understand the relation between central banking and financial (in)stability in and beyond the industrial core.’
Annina Kaltenbrunner, University of Leeds, UK
‘Crafted in a compelling Keynesian argumentative style, this collection of essays delves into the role of the central bank and monetary policy, ultimately highlighting the true protagonist of the saga in parentheses. As readers journey through a portrayal of the current global financial environment, they can grasp the conceptual and practical challenges of perceiving modern economic systems as fundamentally unstable. Understanding the necessity of a central banker’s existence, while also realizing that this moderating role is more than ever a political and non-neutral one, raises questions that global financialization exacerbates, highlighting planetary inequalities. This stimulating book is an essential resource for scholars who wish to tackle the complex and captivating challenge of managing financial instability in an era that, despite its rhetoric, remains far from achieving sustainability in practice.’
Anna Maria Variato, University of Bergamo, Italy
‘The international economy in recent years has been dominated by a process of de-globalisation and an attempt to move away from an international monetary order dominated by the US dollar. In contrast, we see countries, such as Argentina, now politically embracing dollarisation, while others adopting private denationalised cryptocurrencies. The Kappes-Arauz book offers crucial insights to various aspects of dollarisation in the world today, from theory to historical/institutional analysis, thereby making this book essential reading for advanced researchers and policymakers alike.’
Mario Seccareccia, University of Ottawa, Canada
NEW DIRECTIONS IN POST-KEYNESIAN ECONOMICS
Edited by Louis-Philippe Rochon and Sergio Rossi
‘In this significant contribution, the editors and authors identify several key analytical dimensions for monetary policy makers in Latin America, while providing a comprehensive view on how to address the main monetary challenges of our time with concrete proposals, theoretical discussions, empirical evidence and analytical rigour. An outstanding contribution which should be widely read by scholars, students and policy makers.’
Stephany Griffith-Jones, Emeritus Professorial Fellow, Institute of Development
Studies, Sussex University, UK
‘What a wonderful collection of essays on the challenges faced in Latin America. The editors have brought together an impressive list of scholars, both young and more established, to tackle difficult questions surrounding monetary policy. This book is an important step forward and must be read by all who wish to understand the complexity surrounding the economics of Latin America. Congratulations to the editors and to the authors.’
Jose Antonio Ocampo, Professor, Columbia University, US and former United
Nations Under-Secretary-General for Economic and Social Affairs and Minister of
Finance of Colombia
‘This book puts together 14 excellent policy-oriented - theoretical and empirical - contributions from important post-Keynesian and Structuralist economists. It focuses on policy and institutional arrangements to manage and overcome Balance-of-Payments constraints in Latin America. A must-read for those interested in heterodox short and medium-run open economy macroeconomics.’
Ricardo Summa, Professor of Economics, Federal University of Rio de Janeiro
(UFRJ), Brazil
Check out the review by João Marcos Hausmann Tavares
Edited by
Fernando Toledo and Louis-Philippe Rochon
Edited by
Louis-Philippe Rochon
and Mario Seccareccia
“This fine collection of important papers is a fitting tribute to Alain Parguez and a vital contribution to the intellectual histories of circuitism, Post Keynesianism and monetary production economics in general.”
James K. Galbraith, The University of Texas at Austin, USA
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"Monnaie et Production constituted a vibrant publication series and a vital international forum for debate that brought together first- and second-generation European and North-American post-Keynesians during the 1980s and 1990s, with its expressed focus on money and macroeconomics. Some of these ideas on the credit-driven nature of money and the crucial stabilizing role of the State debated in that publication series, flourished during the twenty-first century among current-generation post-Keynesian economists, including advocates of Modern Monetary Theory. This representative group of articles that were published in English in this well-known French journal are all highly recommended readings to understand better the evolution of post-Keynesian economics over the last four decades."
Stephanie Kelton, Stony Brook University, USA
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"The series Monnaie et Production launched and managed y Alain Parguez from 1984 to 1996, aimed at resolving "the conundrum of money', was a crucial link between French-speaking and Anglo-saxon post-Keynesians. For more than ten years, MP allowed an international opening for young French post-Keynesians ... The major theoretical controversies were addressed there and still constitute the framework of post-Keynesian monetary thinking today. This book is extremely useful because it allows you to access and reread these fundamental texts today. Every post-Keynesian should have it."
Edwin Le Heron, Sciences Po Bordeaux, France
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FORTHCOMING BOOKS
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Central Banking, Monetary Policy and Financial In/Stability, Rochon, L.-P., S. Kappes, and G. Vallet (eds), Cheltenham: Edward Elgar, 2024.
Central Banking and Monetary Policy Implementation, Kappes, S., L.-P. Rochon and G. Vallet (eds), Cheltenham: Edward Elgar, 2024.
Central Banking, Monetary Policy and Dollarization, Arauz, A. and S. Kappes (eds), Cheltenham: Edward Elgar, 2024.
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Advances in the Theory of the Monetary Circuit, Davanzati, G., S. Lucarelli, and L.-P. Rochon (eds), Cheltenham: Edward Elgar, 2024.
Our books at the European Central Bank !!
July 2023
