Beginning with an assessment of new thinking in macroeconomics and monetary theory, this book suggests that many countries have adopted the New Consensus Monetary Policy since the early 1990s in an attempt to reduce inflation to low levels. It goes on to illustrate that the explicit control of...

This book, written by an international team of economists, develops concrete, country specific alternatives to inflation targeting, the dominant policy framework of central bank policy that focuses on keeping inflation in the low single digits to the virtual exclusion of other key goals such as...

Financial globalization has made monetary policy formulation in emerging market economies increasingly complicated. This timely set of studies looks at the turmoil in global financial markets, which coupled with volatile inflation poses serious challenges for central banks in these countries....

Monetary Policy and Taiwan's Economy questions whether the Asian crisis could have been avoided through the application of recommendations highlighted by the contributors. The conclusion reached is that in an abstract world, perhaps; but in the world in which we live; no. It is argued that the...

Money, distribution and economic policy takes issue with the inappropriate treatment of money, effective demand and distribution issues in modern mainstream macroeconomics. It presents contributions which are critical of modern orthodoxy and which explore alternative approaches to macroeconomics...

During a distinguished career, Basil Moore has made numerous important contributions to macroeconomics and monetary economics, and is renowned as the progenitor of the "horizontalist" analysis of endogenous money. More recently, he has embraced complexity theory as part of an ongoing effort to...

This ambitious book seeks both to revive and revise the idea of 'functional finance'. Followers of this doctrine believe that government budgets should concentrate solely on their macroeconomic impact on the economy, rather than reflecting a concern for sound finance and budgetary discipline....

Axel Leijonhufvud has made a unique contribution to the development of macroeconomic theory. This volume draws together his insightful essays dealing with the extremes of economic instability: great depressions, high inflation and the transition from socialism to a market economy. In several of...

This book examines the monetary integration of the group of countries which constitute the Economic and Monetary Union (EMU), signalling the emergence of a truly European economy. The authors devote their considerable expertise to the analysis of macroeconomic policies within EMU and the...