Publications

Should Monetary Policy Take Inequality and Climate Change into Account?

| 24 January 2020
Discussion Notes, Monetary | Tags: Climate Change, Governing Finance, Inequality
Should central banks take more account of ethical issues, notably the impact of monetary policy actions on the distribution of income and wealth and on efforts to combat climate change, in the design and implementation of the wider monetary policy toolkit they have been using ... continue reading

Shifting Gears: Integrating Climate Risks in Monetary Policy Operations

| 20 January 2020
Monetary, Policy Briefs | Tags: Asset Purchases, Central Banks, Climate risk, Collateral framework, Credit Risk
The assets central banks purchase and accept as collateral are at the core of monetary policy implementation. Risk considerations play a crucial role in the selection of these assets: central banks seek to limit their holdings and eligible collateral to assets that minimize their risk ... continue reading

A Lack Of Transparency. Do You Know About The Taxes Your Government Does NOT Collect?

and | 20 January 2020
Blog, Fiscal | Tags: Tax Expenditures
All over the planet, governments are desperate for funds to finance social policies, public infrastructure and development projects. Yet, the very same governments routinely forego huge amounts of tax revenues by granting tax incentives to investors, setting lower value added tax rates for the consumption ... continue reading

Legitimacy Challenges to Central Banks: Sketching a Way Forward

| 19 January 2020
Discussion Notes, Monetary | Tags: Central Banks, Governing Finance
Delegation to independent agencies (IAs) can reap real benefits for policy making. In the case of monetary policy, it shores up the credibility of the central bank. However, it is generally accepted that the discretion of IAs needs to be constrained to ensure their legitimacy. This ... continue reading

Against Amnesia: Re-Imagining Central Banking

and | 10 January 2020
Discussion Notes, Monetary | Tags: Central Banks, Governing Finance
The purpose of the present paper is to identify and challenge contemporary adherence to the core of the prevailing monetary policy consensus. This consensus consists of what we call the holy trinity of the inflation targeting paradigm: price stability as the primary goal of the ... continue reading