Le frontiere della politica monetaria: aspetti didattici, teorici, di politica economica. Un review article (The frontiers of monetary policy: didactic, theoretical, economic policy aspects. A review article)

Sergio Cesaratto ()

Moneta e Credito, 2022, vol. 75, issue 299, 353-373

Abstract: Il libro di Baglioni (2021) sulla politica monetaria e' molto informativo e un buon sussidio didattico. In questo "review article" muoviamo alcune critiche costruttive. La prima riguarda il background macroeconomico mainstream alla politica monetaria e il richiamo a un maggiore pluralismo, anche per ragioni didattiche. La seconda critica concerne l'incompleto endorsement dell'endogenita' della moneta, inclusa una critica esplicita di analisi tradizionali diffuse nei libri di testo di macroeconomia come la teoria dei fondi prestabili, il moltiplicatore monetario, l'idea che la banca centrale controlli i tassi di interesse manovrando l'offerta di moneta. Suggeriamo infine una piu' completa illustrazione delle cause della crisi finanziaria europea e della governance incompleta dell'eurozona come background delle politiche monetarie della BCE. Baglioni's book (2021) on monetary policy is very informative and a good teaching aid. In this "review article" we make some constructive criticisms. The first concerns the mainstream macroeconomic background to monetary policy and the call for more pluralism, also for didactic reasons. The second criticism concerns the incomplete endorsement of the endogeneity of money, including an explicit critique of traditional analyses popular in macroeconomics textbooks such as the loanable funds theory, the money multiplier, and the idea that the central bank controls interest rates by manoeuvring the money supply. Finally, we suggest a fuller explanation of the causes of the European financial crisis and the incomplete governance of the Eurozone as background to the ECB's monetary policies.

Keywords: Monetary policy; endogenous money; post-Keynesian theory; ECB; euro (search for similar items in EconPapers)
JEL-codes: A2 E12 E42 E5 (search for similar items in EconPapers)
Date: 2022
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