Monetary Policy and Central Banking
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Monetary Policy and Central Banking

New Directions in Post-Keynesian Theory

Edited by Louis-Philippe Rochon and Salewa ‘Yinka Olawoye

Divided into two parts, this book presents a detailed, multi-faceted analysis of banking and monetary policy. The first part examines the role of central banks within an endogenous money framework. These chapters address post-Keynesian interest rate policy, monetary mercantilism, financial market organization and developing economies. In the second part of the book, the focus switches to the analysis of the financial crisis that began in 2007. The chapters in this section discuss the role of central banks in times of crisis.
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Chapter 2: Stabilization Policy with an Endogenous Commercial Bank

Mark Setterfield and Kurt von Seekamm

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2. Stabilization policy with an endogenous commercial bank* Mark Setterfield and Kurt von Seekamm 1 INTRODUCTION The three-equation New Keynesian or “new consensus” model is now a staple feature of monetary macroeconomics.1 One common criticism of...

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