Towards the Next Revolution in Central Banking: A Radical Framework for Monetary Policy

Preface
References
Introduction
Contents
1 Historical and Current Backgrounds
	1.1 From the Gold Standard to Checkbook Money and Beyond
	1.2 The Institutions of Monetary Policy
	1.3 The Mandate of Monetary Policy—Multiple Goals or Clear Focus?
	1.4 Focused Policy by Conventional Means
	References
2 An Alternative Model: Stabilizing the Long-Term Interest Rate
	2.1 Benefits of the Fixed-Rate System
	2.2 The Mode of Functioning of the Fixed-Rate System
	2.3 Prerequisites for a Successful Fixed-Rate Policy
	2.4 Fixed-Rate Rule and Business Cycles
	2.5 A Formalization
	2.6 Which Interest Rate is Fixed in the Fixed-Rate System?
	References
3 New Instruments for Monetary Policy
	3.1 Stabilization Grants—Key Instrument in the Fixed-Rate System
	3.2 Stabilization Grants in the Downturn, Stabilization Tax in the Upswing
	3.3 Fixing and Adjusting Stabilization Grants
	3.4 Adjusting the Parameters
	3.5 Deflation, Demography, and Neocracy
	References
4 Paths to the Fixed-Rate Model—How, Where, and When?
	References
5 Global Perspectives and Ideologies
6 Some Supplements
	6.1 The Use of Instruments in the Fixed-Rate System
	6.2 Inflation Targets or Fixed Interest Rates?
	6.3 Negative Real Interest Rates, Inflation, and Capital Destruction
	6.4 Fixed-Rate System and Optimum Currency Area
	6.5 Fixed-Rate System, Full Employment, and “Modern Monetary Theory”
	6.6 A Conclusion
	References
Postscript: On the Governance Structure of Fully Independent Central Banks
References