Monetary Policy Normalization: One Hundred Years After Keynes' Tract on Monetary Reform (Contributions to Economics)

Contents
Purpose of the Initiative
	1 Introduction
	2 Monetary Policy as Defined by the Bretton Woods Agreement of 1944
	3 From the Collapse of the Bretton Woods System in 1971 to the Global Financial Crisis of 2008
	4 Quantitative Easing (2009–2012), the Resurgence of Inflation (2021), and the Search for Normalization
	5 Grafting Cryptocurrencies onto the Dynamics of the Money and Financial Market
	6 The Role of Languages and Paradigms Used in Scientific Research as the Main Problem of Information Technologies
	7 The Impact on the Governance of Money and Finance of Common Law and Civil Law Regimes
	8 The Implications for Humans of the Application of Information Technologies to Economic Activity
	9 Conclusion: Is the “Normalization” of Monetary Policy Possible?
Economics and Money. Political and Epistemological Perspectives of Connecting and Fault Lines: A Fil Rouge from Keynes to Digitization
	1 Introduction
	2 Macroeconomic Processes: Mathematical, Statistical, and Probability Theories
	3 One Hundred Percent vs. Fractional Reserve Banking
	4 Keynes’ Evolving Monetary and Macroeconomic Analysis
	5 From the “Inconvertible” Dollar to the Eurodollar
	6 Derivatives, Pricing, and Money
	7 The Three Phygital Domains and Monetary Sovereignty
		7.1 The Origins of the Web Evolution: Web 1.0, Web 2.0, Web 3.0 (1958–1993)
		7.2 The Three Web Generations Since 1993: Technology and Markets
		7.3 The InfoSphere
	8 The Metaverse
	9 Digital Societies, Moneys as Weapons Systems, AI and Information Control: The Challenges for Democracy
	10 Cryptos and CBDCs: New Risks for Banks
	11 Global Permeating Digitalization Processes, and (Supra)national Political Solutions: Convergence, Fragmentation, or Fracturing?
		11.1 New World-Wide Challenges
	12 Inflation, Monetary Normalization, and Contagion: The Challenges of the Crypto/Digital System for Monetary Policy, Regulation, and Supervision
	13 Conclusion
	References
The Great Repricing: Central Banks and the World Economy
	1 Introduction
	2 The Great Repricing
	3 The Intellectual Errors in Models of Inflation
	4 Consequences of the Great Repricing
	5 Conclusion
	References
Flexible Monetary Policy Rules from the Great Moderation to the New Normal Times (1993–2023): A Forward-Looking Review
	1 Introduction
	2 Before the Taylor Rule: The Traditional “Rules vs Discretion” Debate
	3 The Taylor Rule: Its Origin
	4 Going Ahead: Forward-Looking Specification, Monetary Inertia and Non-Linearities
	5 More Than Inflation and Output Gap: The Augmented Taylor Rule
	6 After the Great Crisis: Taylor Rule Fine Tuning
	7 Taylor Rule and Central Banking
	8 Future Steps: Central Bankers and Their Preferences, and Behavioural Biases
	9 Conclusion
	References
The Universal Language of Economics: où-logòs or éu-logòs?
	1 Introduction: A New Babel
	2 Science as a Universal Language
	3 One Language and a Unified Science for the Modern Man
	4 A New Language for a New Economics
	5 Economics Speaks Cyborg
	6 Conclusion: The Universal Language of Economics: où-logòs or éu-logòs?
	References
Predictive Methods in Economics: The Link Between Econophysics and Artificial Intelligence
	1 Introduction: The Quant Revolution
	2 Complex Systems for Finance
	3 Introduction to Econophysics
	4 Econometrics and Machine Learning
	5 AI: Shaping the Future …
	6 Conclusion: Bridges, not Barriers
	References
The Adoption of Digital Euro: Problems and Perspectives
	1 Foreword
	2 Technological Innovation and Digital Euro: The Dilemma of Applicable Regulation
		2.1 Introduction
		2.2 Crypto Assets, Currency and the Digital Euro
		2.3 The ECB Digital Euro Project
		2.4 Continued: Limits of the Programmatic Design…
		2.5 Continued: … and Perplexity on the Applicable Regulation
		2.6 Continued: …the Italian Case
		2.7 Continued: References to German Constitutional Jurisprudence
		2.8 The Hypothesis of an Operational Link Between European and National Authorities
	3 Digital Euro: Is It a Further Way to Financial Disintermediation?
		3.1 The Project for the Digital Euro and the Credit Business
		3.2 The Digital Euro Between Hard Law and Soft Law
		3.3 Issuance, Circulation and Credit Intermediation in the Perspective of the Digital Euro
		3.4 Digital Euro and Fungibility: The Regulation for Granting Credit
	4 Conclusion
	References
The Karst Phenomena of Law in Action
	1 Introduction
	2 General Lessons from the Italian Case
	3 The Value of Precedent: Towards Juristocracy?
	4 The Past Path Towards Common Law
	5 The Cartabia Reform
	6 Conclusions
	References
Technological Innovations: A New Model of Geopolitical Digital Relations from Welfare to Warfare?
	1 Introduction: The Social Significance of Technological Innovations
	2 Influence of Social Media on Political Institutions
	3 From Welfare to Warfare: The Acceleration Toward the “Singularity”
	4 Conclusion: The Need for a “Digital Social Contract”
	References
Concluding Remarks: Is It Possible to Return to a “Normalization” of Monetary Policy?
	1 Introduction
	2 Intergovernmental Discussions on Reform of the International Financial System: The Gold Standard
	3 The Academic Analysis of the Financial System: Fisher and Keynes
	4 The Great Moderation and Normal Monetary Policy: Goods Prices Stable, Asset Prices Volatile
	5 What Might Normalization Mean?
	6 Beyond Financial Innovation: Digital Assets
	7 Regulation Without Borders
	8 Integration of Permissionless Digital Assets
	9 Conclusions
	References