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Corporate profitability as a determinant of restrictive monetary policy: estimates for the postwar United States

In: The Political Economy of Central Banking

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  • Gerald Epstein
  • Juliet B. Schor

Abstract

Current debates over international coordination of macroeconomic policy pose interesting conundrums for our understanding of domestic monetary policy. For a number of years the United States has been exerting pressure on Japan and West Germany to pursue an easier monetary policy, and particularly in the case of the West Germans the United States has been unsuccessful. German officials cite fear of inflation as their rationale for a restrictive policy. Yet, last year, consumer prices fell in West Germany, casting suspicion on either the sincerity or wisdom of the German government's stance.

Suggested Citation

  • Gerald Epstein & Juliet B. Schor, 2019. "Corporate profitability as a determinant of restrictive monetary policy: estimates for the postwar United States," Chapters, in: The Political Economy of Central Banking, chapter 7, pages 185-197, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:18820_7
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    Keywords

    Economics and Finance;

    Statistics

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