Gerald Epstein
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View article: Central Banks as Agents of Economic Development
Central Banks as Agents of Economic Development Open
In the last two decades, there has been a global sea change in the theory and practice of central banking. The currently dominant “best practice” approach to central banking consists of the following: (1) central bank independence (2) a fo…
View article: Threat Effects and the Impact of Capital Mobility on Wages and Public Finances: Developing a Research Agenda
Threat Effects and the Impact of Capital Mobility on Wages and Public Finances: Developing a Research Agenda Open
The impact of increased openness to trade, financial flows and foreign direct investment on the distribution of costs and benefits from globalization remains a controversial and poorly understood subject, despite an enormous amount of rese…
View article: Alternatives to Inflation Targeting Monetary Policy for Stable and Egalitarian Growth: A Brief Research Summary
Alternatives to Inflation Targeting Monetary Policy for Stable and Egalitarian Growth: A Brief Research Summary Open
Many countries in the developing world have adopted an approach to monetary policy that focuses on maintaining a low level of inflation, to the exclusion of other important objectives such as employment generation, increasing investment or…
View article: Employment-Oriented Central Bank Policy in an Integrated World Economy: A Reform Proposal for South Africa
Employment-Oriented Central Bank Policy in an Integrated World Economy: A Reform Proposal for South Africa Open
The South African Reserve Bank and Ministry of Finance have adopted inflation targeting and the gradual relaxation of exchange controls (along with control of public spending and financial liberalization) as the foundation of their economi…
View article: Proposals for Effectively Regulating the U.S. Financial System to Avoid Yet Another Meltdown
Proposals for Effectively Regulating the U.S. Financial System to Avoid Yet Another Meltdown Open
It is now clear that we are in the midst of the worst financial crisis since the Great Depression. This crisis is the latest phase of the evolution of financial markets under the radical financial deregulation process that began in the lat…
View article: Introduction
Introduction Open
The Great Financial Crisis of 2007–2008, like the Great Depression of the 1930s, focused the American public’s attention – and ire – not just on Wall Street, but also on the Federal Reserve (the Fed) – the US central bank. In normal times,…
View article: DOMESTIC STAGFLATION AND MONETARY POLICY: THE FEDERAL RESERVE AND THE HIDDEN ELECTION
DOMESTIC STAGFLATION AND MONETARY POLICY: THE FEDERAL RESERVE AND THE HIDDEN ELECTION Open
Early in 1932 the Federal Reserve System made a serious attempt to reverse the "Great Contraction" through expansionary open market operations, but abandoned it a few months later. In this paper we offer an interpretation of the episode th…
View article: Introduction
Introduction Open
Many observers thought that the financial crisis of 2007–08 would be a watershed moment in global finance. They believed the crisis would demonstrate, once and for all, the instability and inefficiency of this hyper-speculative global fina…