Corporate profitability as a determinant of restrictive monetary policy: estimates for the postwar United States

Gerald Epstein and Juliet B. Schor

Chapter 7 in The Political Economy of Central Banking, 2019, pp 185-197 from Edward Elgar Publishing

Abstract: Current debates over international coordination of macroeconomic policy pose interesting conundrums for our understanding of domestic monetary policy. For a number of years the United States has been exerting pressure on Japan and West Germany to pursue an easier monetary policy, and particularly in the case of the West Germans the United States has been unsuccessful. German officials cite fear of inflation as their rationale for a restrictive policy. Yet, last year, consumer prices fell in West Germany, casting suspicion on either the sincerity or wisdom of the German government's stance.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2019
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