For the last 40 years, macroeconomics has been dominated by Milton Friedman's view that inflation occurs when the supply of money rises more quickly than economic output – 'too much money chasing too few goods', as the saying goes. If inflation is always due to an imbalance of money supply and...

An understanding of, and an intervention into, the present capitalist reality requires that we put together the insights of Karl Marx on labor, as well as those of Hyman Minsky on finance. The best way to do this is within a longer-term perspective, looking at the different stages through which...

An understanding of, and an intervention into, the present capitalist reality requires that we put together the insights of Karl Marx on labor, as well as those of Hyman Minsky on finance. The best way to do this is within a longer-term perspective, looking at the different stages through which...

This article investigates the reasons, the transformative processes, and the social mechanisms involved in the establishment of the European Economic and Monetary Union (EMU). Contrary to commonly accepted theories used to explain institutional change, it argues that the establishment of the EMU...

This paper compares various proposals for monetary policy rules according to the standard of political economy. It first presents an argument for why rules-based monetary policy is preferable to discretionary policy. Next it discusses at a general level two kinds of rules: those that can be...

“Lending of last resort” is one of the key powers of central banks. As a lender-of-last-resort, the Federal Reserve famously supports commercial banks facing distressed liquidity conditions, thereby mitigating destabilizing bank runs. Less famously, lender-of-last-resort powers also...

This study examines the effect of regulatory independence of the central bank in shaping the impact of electoral cycles on bank lending behaviour in Africa. It employs the dynamic system Generalized Method of Moments (SGMM) Two-Step estimator for a panel dataset of 54 African countries over the...

Neoliberalism has not given rise to a sustained profit-led growth process, but to a finance-dominated accumulation regime in which growth relies either on financial bubbles and rising household debt (‘debt-driven growth’) or on net exports (‘export-driven growth’). The financial crisis...

Organizations in democratic societies often encounter detrimental public policies that are later reversed due to rather predictable political cycles. The standard organizational responses to detrimental public policies examined in the literature include exiting the market altogether, attempting...

The paper discusses recent changes in central bank laws and the relationship between inflation and central bank independence in transition economies. Two indices of legal independence are constructed, covering political and economic aspects of independence. Most of the countries experienced...