Monetary policy and social responsibility

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

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Abstract: This entry deals with the underestimated issue of central banks' social responsibility. We explore this issue emphasizing that in order to endorse social responsibility, central banks need to fit a contingent environment, both through the nature of their monetary policy, but also through their structures. Such an ‘embeddedness' implies that their power should be regulated and controlled by society through a reliable framework of social responsibility. To that aim, we propose reforms in central banks' current model consistent with the mapping out of a new framework of social responsibility.

Keywords: Central banks; Monetary policy; Social responsibility; Transmission mechanisms (search for similar items in EconPapers)
Date: 2023
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Published in Reference Module in Social Sciences, 2023, 3 p. ⟨10.1016/B978-0-44-313776-1.00061-1⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-04205090

DOI: 10.1016/B978-0-44-313776-1.00061-1

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