 Introduction to Central Banking, Monetary Policy and the Common GoodLouis-Philippe Rochon, Sergio Rossi and Guillaume Vallet Chapter 1 in Central Banking, Monetary Policy and the Common Good, 2026, pp 1-9 from Edward Elgar Publishing Abstract: The contributed chapters to this co-edited book shift the conversation and reframe the discussion over monetary policy in terms of the common good, sharing greater benefits for a greater number of people. The authors of the chapters in this book reject that low and stable inflation rates ought to be seen as a common good, especially since, to achieve this, mainstream economics must rely on creating unemployment. Moreover, central banks are required to be independent from political pressure, yet are very much dependent on the views of financial markets and their wealth. In fact, independence is not required to discuss monetary policy and the common good. Rather, from the point of view of monetary policy as discussed in this volume, the common good must be understood in terms of creating more employment, not less, and even to strive for full employment. It is about creating institutions and policies that we all can benefit from. The chapters in this volume show that the purpose of monetary policy therefore must be seen as contributing to the betterment of the community or society, rather than markets or individuals. Keywords: Central banking; Common good; Financial stability; Full employment; Inflation; Monetary policy (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:elg:eechap:24020_1 Ordering information: This item can be ordered from Access Statistics for this chapter More chapters in Chapters from Edward Elgar Publishing |
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