Table of Contents

Banking, Monetary Policy and the Political Economy of Financial Regulation

Banking, Monetary Policy and the Political Economy of Financial Regulation

Essays in the Tradition of Jane D'Arista

Edited by Gerald A. Epstein, Tom Schlesinger and Matías Vernengo

The many forces that led to the economic crisis of 2008 were in fact identified, analyzed and warned against for many years before the crisis by economist Jane D’Arista, among others. Now, writing in the tradition of D’Arista's extensive work, the internationally renowned contributors to this thought-provoking book discuss research carried out on various indicators of the crisis and illustrate how these perspectives can contribute to productive thinking on monetary and financial policies.

Chapter 1: Jane D’Arista: an appreciation

Tom Schlesinger

Subjects: economics and finance, financial economics and regulation, political economy, politics and public policy, political economy

Extract

The papers in this book were originally presented at a conference in honor to Jane D’Arista in the spring of 2008 at the Political Economy Research Institute at the University of Massachusetts Amherst. Throughout her career as an author, analyst, congressional staff economist and teacher, Ms. D’Arista has brought together several strands of heterodox economics. While she may be characterized accurately as one of the last great institutionalists, her work also defies easy classification. Perhaps the clearest way to view Jane is as a tough-minded empiricist who has produced critical, original insights into the functioning of the financial system and economy – and done so with the uncompromising goal of improving human welfare. Jane D’Arista followed a non-traditional and rather remarkable path to her place as a profound teacher, thinker and adviser on monetary and financial affairs. After graduating from Barnard College and beginning a family Jane took a position on the staff of the U.S. House Banking Committee in 1966. Under the chairmanship of Representatives Wright Patman and Henry Reuss (who replaced Patman in 1975) her responsibilities included the preparation of hearings, research and investigative projects. In this era, practitioners regarded the congressional research and oversight functions as serious obligations and the Banking Committee’s staff work routinely displayed a depth and rigor that would become virtually extinct in the Capitol Hill culture of more recent years.

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