Toward a progressive central banker

Louis-Philippe Rochon and Guillaume Vallet ()
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Louis-Philippe Rochon: Laurentian University
Guillaume Vallet: CREG - Centre de recherche en économie de Grenoble - UGA - Université Grenoble Alpes

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Abstract: This chapter is divided into the following two sections. In the next section, we wish to question the demand-pull nature of inflation as well as the monetary policy transmission mechanism, concluding that in each case, the reality behind the veil is quite different from what is assumed by neoclassical economics. If inflation is not considered related to excess demand, then what does this mean for monetary policy, and in turn for central bank independence? In the following section, we argue that given the conclusions reached in the previous section, there is therefore no need for a conservative central banker, which then opens the door to a different kind of central banker with a different kind of economic and social mission—that is, a progressive central banker.

Keywords: Structural Power; Institutionalism; Institutions; Progressive central banker; Independence; Central banks’; Conservative central banker (search for similar items in EconPapers)
Date: 2025
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Published in Farvaque, Etienne; Stanek Piotr. Are Central Banks Still Conservative? Frameworks, Monetary Policy and Inflation after Rogoff, Edward Elgar Publishing, pp.268-287, 2025, 978-1-03533-756-9. ⟨10.4337/9781035337576.00022⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05477570

DOI: 10.4337/9781035337576.00022

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