This paper discusses central banking and the operation of monetary policy from a post-Keynesian perspective. It examines some current propositions concerning the conduct of monetary policy - such as inflation targets, contingent rules, and central bank independence - under the assumption that...

The aim of this paper is to analyze critically the Independence of Central Banks (ICB). By presenting the theoretical arguments that support the independence, as well as some empirical studies regarding this topic, we introduce the main critical concerns about the argument of ICB. Besides, we...

This paper tests two hypotheses for the overbidding behavior of the banks in the fixed rate tenders conducted by the European Central Bank from January 1999 until June 2000. One hypothesis attributes the overbidding to expectations of a future tightening of monetary policy, while the other...

In this paper two hypotheses about the relationship between monetary policy and investment in the context of the inflation target system were tested. One of these hypotheses is based on the idea of neutrality of money, and the other hypothesis is based on the reject of that idea. An investment...