The first monetary theory of the Great Depression is often credited to Milton Friedman. Advanced to counter the idea that the Great Depression resulted from inherent capitalistic instabilities, Friedman's theory attributed the Depression to policy mistakes by an inept Federal Reserve Board. More...

This chapter compares alternative explanations of the Great Depression: the Monetarist explanation of (Friedman and Schwartz,.A Monetary History of the United States, 1867-1960, Princeton University Press, 1963), the Austrian explanation of Hayek and (Robbins,.The Great Depression, Macmillan,...

The ECB has successfully performed its main task in the context of an independent monetary policy: The euro is stable and enjoys the confidence of the population and the economy. Regarding sustainability, the ECB has so far displayed varying degrees of ambition. The ECB on its own can, and...

The different central banks follow their own different paths to sustainability. The article asks, what types of sustainability they already practice. It describes progressive strategies, looks at the learning processes and analyses the shortcomings. The Network for Greening the Financial System...

The central bank's balance sheet has become the main instrument of monetary policy in the aftermath of the GFC and the COVID-19 health crisis. Hence, the aim of this paper is to analyze changes in the balance sheets' sizes and channels of base money creation in groups of countries, taking note...

The paper compares the monetary policy in Croatia during two crises: the great recession and the COVID pandemic. The great recession was a global financial shock that strongly affected Croatia. During the great recession, the central bank was focused on exchange rate stability with little regard...

Understanding the monetary policy of China, the world’s second largest economy, is more crucial today than ever, and yet it is not widely researched or well-understood outside of China. This chapter tries to narrow this gap by shedding light on the institutional setting of China's monetary...