Central Banking and Monetary Policy Implementation: Volume I(The Elgar Series on Central Banking and Monetary Policy)

About the Book

This informative book discusses the evolution of monetary policy, particularly since the subprime crisis. The contributors analyse diverse examples of the implementation of monetary policies across a range of countries, from those with major central banks such as Canada and Switzerland to developing economies such as Brazil and Nigeria, exploring how the practical workings of these measures can vary.

The authors examine the different instruments that can be used to control base interest rates, such as open market operations, reserve requirements and remuneration and rediscount operations. Chapters delve into 11 different case studies, which include monetary policy implementations in China, a reconstruction of the monetary policy framework in Argentina during COVID-19 and an overview of the instruments and procedures used by the European Central Bank. This comprehensive book also provides an overview of the various challenges that can arise in the process of implementing novel strategies.

Students and scholars of financial economics and regulation, political economy and money and banking will greatly benefit from this book. With its theoretical insights, it is also a crucial resource for academics in post-Keynesian economics, as well as practitioners in central banking and the financial press.

Table of Contents:
Contents Introduction to Central Banking and Monetary Policy Implementation xix Sylvio Antonio Kappes, Louis-Philippe Rochon and Guillaume Vallet 1 A reconstruction of the monetary policy framework in Argentina during the Covid-19 pandemic 1 Juan Matias De Lucchi, Ariel Dvoskin and Germán D. Feldman 2 Implementation of the Reserve Bank of Australia’s inflation target and the impact of Covid-19: an assessment 26 Peter Docherty 3 An analysis of the Brazilian Central Bank balance sheet and its main policy instruments 65 Sylvio Antonio Kappes 4 The Bank of Canada and the six principles of monetary policy implementation: lessons from post-Keynesian economics 78 Guillermo Matamoros 5 The evolution of monetary policy implementation in China 96 Hui Yuan and Geyang Xie 6 The European Central Bank: monetary policy instruments, procedures, and decisions 119 Eladio Febrero 7 Monetary policy in open emergent economies with weak financial markets: the case of Mexico and its effect on the banking system 147 Noemi Levy Orlik and Jorge Bustamante 8 Central Bank of Nigeria and monetary policy implementation 171 Salewa Olawoye and Adesuwa Erediauwa 9 Monetary policy under permanent excess liquidity: the case of Poland 182 Zbigniew Polański 10 Central banking and monetary policy implementation in Russia 219 Vadim Grishchenko, Grigory Zhirnov and Vasily Tkachev 11 Monetary policy operating procedures in Switzerland: a critical appraisal 261 Sergio Rossi

About the Author :
Edited by Sylvio Antonio Kappes, Assistant Professor, Federal University of Alagoas, Brazil, Co-Editor, Review of Political Economy and Co-Director, Monetary Policy Institute, Louis-Philippe Rochon, Full Professor, Laurentian University, Canada, Editor-in-Chief, Review of Political Economy, Editor-in-Chief, Challenge, Founding Editor Emeritus, Review of Keynesian Economics and Director, Monetary Policy Institute and Guillaume Vallet, Full Professor, Université Grenoble Alpes and Research Fellow, Centre de Recherche en Economie de Grenoble (CREG), France

Review :
‘There is a great deal of interesting information in this book – much more than I can summarise.’ ‘This book is a must-read for anybody interested in central banking in modern financial systems. It traces the evolving role of central banks across the globe covering cases as diverse as the Federal Reserve Bank of the US, the Central Bank of Argentina, and the Central Bank of Nigeria. The contributions are empirically rich, theoretically grounded and will be key references for future work on monetary policy in a rapidly changing global economy.’