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New Challenges for Monetary Policy

In: New Challenges for Macroeconomic Policies

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  • Gilles Dufrénot

    (Sciences Po Aix)

Abstract

This chapter reviews the new challenges of monetary policy in a context where inflation control is no longer the sole objective of central banks and where the interest rate instrument has proven to be inadequate to the liquidity trap situation following the 2008 crisis. We describe the new avenues that have emerged in the debates between macroeconomists: Fischerian approaches to the interest rate suggesting a positive correlation between the level of interest rates and the rate of inflation, unconventional monetary policies, and modern monetary theory (MMT). We also discuss the conflicts of objectives that may arise if central banks are assigned, in addition to controlling inflation, missions aimed at stabilizing the financial cycle, fighting inequality, and promoting the financing of the ecological transition.

Suggested Citation

  • Gilles Dufrénot, 2023. "New Challenges for Monetary Policy," Springer Books, in: New Challenges for Macroeconomic Policies, chapter 0, pages 259-332, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-15754-7_6
    DOI: 10.1007/978-3-031-15754-7_6
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