Edited by Louis-Philippe Rochon and Sergio Rossi
Chapter 2: Modern central-bank operations: the general principles
Neoclassical economists have traditionally focused on monetary policy strategies and largely neglected the details of their implementation. By contrast, the post-Keynesian tradition has incorporated monetary policy implementation for several decades as a core part of its critique of neoclassical models. This chapter describes ten principles underlying central-bank operations in general that one might consider to be ‘what every economist should know’. Many, if not most, of these principles are contrary to the standard neoclassical models and textbooks, and, with regard to the post-Keynesian literature, tend to favour the horizontalists’ view over the structuralists’ view.
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