Revolution Without Revolutionaries: Interrogating the Return of Monetary Financing

Daniela Gabor

No ja9bk, SocArXiv from Center for Open Science

Abstract: This paper disentangles the claims that we are witnessing a revolution in central banking - the return of large interventions in government bond markets. It argues that not all central bank purchases of government bonds are alike, but they should be evaluated against the objectives of the interventions and the broader macro-financial setup of the economy. It distinguishes two regimes of monetary financing – shadow vs subordinated – across objectives of intervention, targets, institutional hierarchy, macroeconomic paradigm, and accumulation regime/distribution of political power. Shadow monetary financing, it argues, offers a weak framework for monetary-fiscal interactions, one that actively undermines both the rethink of fiscal rules, and fiscal support for the low-carbon transition.

Date: 2021-03-11
New Economics Papers: this item is included in nep-mac and nep-mon
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Citations: View citations in EconPapers (9)

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Persistent link: https://EconPapers.repec.org/RePEc:osf:socarx:ja9bk

DOI: 10.31219/osf.io/ja9bk

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