Monetary Policy in Interdependent Economies: The Task Ahead (Financial and Monetary Policy Studies, 55)

Acknowledgments
About this Book
Contents
List of Figures
List of Tables
Chapter 1: Introduction
	References
Part I: Does the Science of Monetary Policy Need to be Altered?
	Chapter 2: New Challenges on the Science of Monetary Policy
		2.1 Introduction
		2.2 Has the Global Financial Crisis Changed Our Thinking?
		2.3 Does the Science of Monetary Policy Need to Be Altered?
			2.3.1 Basic Principles of the Science of Monetary Policy
		2.4 The Lean Versus Clean Debate After the Global Financial Crisis
			2.4.1 The Postcrisis Shift in the Literature
		References
	Chapter 3: New Lessons for Macroeconomics and Finance Theory
		3.1 Modeling the Monetary Transmission Mechanism
		3.2 The Conventional View Revisited
		3.3 The Lean-Against-the-Wind View Revisited
		3.4 Macroprudential and Monetary Policies
		3.5 Monetary Policy and Financial Stability
		3.6 Concluding Thoughts
		References
	Chapter 4: In Search for a New Monetary Policy Framework
		4.1 Introduction
		4.2 The New Monetary Framework
		4.3 The Role of Banks in Monetary Policy: An Overview
		4.4 The Role of Banks in the Transmission of Monetary Policy
			4.4.1 Interest Rates and Monetary Stimulus
			4.4.2 Central Banks and Economic Growth
			4.4.3 Monetary Policy and the Politics of Wealth Sharing
			4.4.4 Learning and Unlearning from Experience
		4.5 Conclusions on New Perspectives on Tools, Transmission, and the Effectiveness of Monetary Policy
			4.5.1 Monetary Policy with Policy Rates at Their Lower Bound
			4.5.2 Is Unconventional Monetary Policy Effective at the Effective Lower Bound?
			4.5.3 Institutional Arrangements with the Treasury Matter
		References
Part II: Challenges for Monetary Policy in Interdependent Economies: Lessons from the Eurozone Crisis
	Chapter 5: Monetary Policy Crisis in the Eurozone
		5.1 Background
		5.2 Introduction: An Overview to Conceptualize the Overall Gains of the European Unification
			5.2.1 Distributional Effects Within Europe
			5.2.2 Entering the Monetary Union
		5.3 Understanding the Key Drivers of the Eurozone Crisis
		5.4 Weaknesses in the Policy Tools, Surveillance Systems, and Regulatory Environments
		5.5 Reflections on the Weaknesses of the Monetary Policy Environment in the European Union and Its Member Countries
		5.6 Policy Implications of the Eurozone Crisis
		5.7 A Corollary of the Eurozone Crisis
		References
	Chapter 6: A Critical Assessment of the Euro Project in Retrospect
		6.1 Introduction
		6.2 The Euro Crisis Management, Sovereign Default, and Steps Toward Crisis Prevention
		6.3 An Evaluation of the Euro Project and the Crisis Management
		6.4 Conclusions
		References
Part III: The Task Ahead: Monetary Policy in Uncharted Waters
	Chapter 7: Monetary Theory and Policy: The Implications of Radical Uncertainty
		7.1 Introduction: The Consensus to Date
		7.2 Discussion on the Limited Help of the Traditional Structural Model
		7.3 Lessons from the Crisis for the Theory and Practice of Monetary Policy
		7.4 Further Discussion on the Serious Limitations of the Existing Macro-Models
			7.4.1 Illusions in Recent Years of the Theory and Practice of Monetary Policy
		7.5 Eliminating Policy Surprises
			7.5.1 Policy Surprises Affect Output and Prices
		7.6 The (Changing) Role of Central Banks in Financial Stability Policies
		7.7 Concluding Remarks: Eliminating Policy Surprises to Beat Uncertainty and Inflation
		References
	Chapter 8: Monetary Policy in Interdependent Economies: The Task Ahead
		8.1 Introduction: Unconventional Times and Challenges of Central Bank Independence
		8.2 Central Bank Independence in Democratic Societies
			8.2.1 Monetary Policy Independence
			8.2.2 Is Monetary Independence Outdated?
		8.3 The Quest for New Horizons for Central Banks
			8.3.1 Helicopter Money: A Bird´s-Eye View
			8.3.2 Helicopter Money: How Does It Work?
			8.3.3 The Trend Toward a Cashless Society
		8.4 Monetary Policy in a Post-Cash Economy
		8.5 So What Should Be Done?
		8.6 Monetary Policy in Uncharted Waters: Implications of Uncertainty
		References
	Chapter 9: Looking to the Future: Monetary Policy in Uncharted Waters
		9.1 Introduction
		9.2 Impact of the COVID-19 Pandemic Crisis, the Power of Central Bank Balance Sheets, and the Initial Policy Responses
		9.3 A Review of Inflation Expectations After the COVID-19 Crisis
		9.4 Monetary Policy Conduct Under Heightened Uncertainty: Inflation Diagnostics
		9.5 A Credible Macroeconomic Policy Is a Necessity
			9.5.1 Inflation Can Be Eliminated Without Creating High Unemployment
		9.6 Concluding Remarks on Monetary Policy in Interdependent Economies
		References