This previously published, but now out-of-print paper addresses the circumstances surrounding the ‘Federal Reserve - Treasury Accord of 1951. We want to make it available now because of the current intense focus on the role of the Federal Reserve in the financial crisis, which has raised...

As the world financial crisis deepens, the task of generating decent employment has taken on more urgency, yet now faces even more obstacles then before. Of course, a key component of the solution to the current crisis will be massive expansionary fiscal actions on the part of the rich...

Employment creation has dropped off the direct agenda of most central banks. The so-called “global best practice” approach to central banking has not focused on economic growth or employment generation but rather on keeping inflation in the low single digits. However, the policy record shows...

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