IDEAS home Printed from https://ideas.repec.org/p/osf/socarx/3skmx.html
   My bibliography  Save this paper

Central banking beyond inflation

Author

Listed:
  • Braun, Benjamin

Abstract

The world around central banks has shifted. Europe is confronting an unprecedented combination of environmental, economic, and social challenges. Reducing carbon emissions to zero fast enough to avoid catastrophic global warming is difficult; doing so while also reducing economic inequality so as to avert social disintegration and democratic backsliding is very difficult. Addressing this twin challenge will require the state – and the European Union – to deploy all economic policy instruments already at its disposal, and to develop new ones and coordinate their use in new ways. The paper proceeds in three steps. The first section discusses three distinct challenges – legal, political, and ideational – for the debate on the future of central banking. The remainder of the paper will tackle the two main ideational challenges, namely, institutional amnesia (forgetting past realities of central banking) and strategic ignorance (ignoring present realities of central banking). To overcome institutional amnesia, the second section briefly reviews the history of central banking, showing that the price stability is only one of several goals that central banking has, historically, been associated with. To overcome strategic ignorance, the third section reviews three mandate-remote, or ‘extracurricular’ areas of recent ECB activity.

Suggested Citation

  • Braun, Benjamin, 2021. "Central banking beyond inflation," SocArXiv 3skmx, Center for Open Science.
    • Handle: RePEc:osf:socarx:3skmx
    DOI: 10.31219/osf.io/3skmx
    as

    Download full text from publisher

    File URL: https://osf.io/download/602d1aa8b78d1800ed52095e/
    Download Restriction: no
    File URL: https://libkey.io/10.31219/osf.io/3skmx?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Baccaro, Lucio & Rei, Diego, 2007. "Institutional Determinants of Unemployment in OECD Countries: Does the Deregulatory View Hold Water?," International Organization, Cambridge University Press, vol. 61(3), pages 527-569, July.
    2. Ban, Cornel, 2016. "Ruling Ideas: How Global Neoliberalism Goes Local," OUP Catalogue, Oxford University Press, number 9780190600396.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Osvald Vasicek & Natalie Uhrova & Lenka Dimitriou Janickova & Tomas Wroblowsky & Boris Navratil, 2023. "Central Bank Independence: Where Do We Stand?," Economies, MDPI, vol. 11(4), pages 1-15, April.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Engelbert Stockhammer & Simon Sturn, 2012. "The impact of monetary policy on unemployment hysteresis," Applied Economics, Taylor & Francis Journals, vol. 44(21), pages 2743-2756, July.
    2. repec:spo:wpmain:info:hdl:2441/50jd34uldo9jioklc7b0dpu4ej is not listed on IDEAS
    3. Christoph S. Weber, 2020. "The unemployment effect of central bank transparency," Empirical Economics, Springer, vol. 59(6), pages 2947-2975, December.
    4. repec:hal:spmain:info:hdl:2441/3kbkotqp1b85pa2lu2puri38p6 is not listed on IDEAS
    5. Morales, Marina, 2018. "Can the composition of the family during adolescence influence their future unemployment situation? Evidence for Spain," MPRA Paper 86770, University Library of Munich, Germany.
    6. Bertola, Giuseppe, 2017. "European unemployment revisited: Shocks, institutions, integration," Research in Economics, Elsevier, vol. 71(3), pages 588-612.
    7. Robert Vergeer & Alfred Kleinknecht, 2012. "Do Flexible Labor Markets Indeed Reduce Unemployment? A Robustness Check," Review of Social Economy, Taylor & Francis Journals, vol. 70(4), pages 451-467, December.
    8. Andrea Bassanini & Romain Duval, 2009. "Unemployment, institutions, and reform complementarities: re-assessing the aggregate evidence for OECD countries," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 25(1), pages 40-59, Spring.
    9. Diego Ponte & Caterina Pesci, 2022. "Institutional logics and organizational change: the role of place and time," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 26(3), pages 891-924, September.
    10. Biegert, Thomas, 2017. "Labor market institutions, the insider/outsider divide and social inequalities in employment in affluent countries," LSE Research Online Documents on Economics 85912, London School of Economics and Political Science, LSE Library.
    11. repec:hal:spmain:info:hdl:2441/5rtilga41c899ab0rctd3cp2r3 is not listed on IDEAS
    12. Gaetano Perone, 2018. "Produttività del lavoro, dinamica salariale e squilibri commerciali nei Paesi dell'Eurozona: un'analisi empirica," Economia & lavoro, Carocci editore, issue 3, pages 61-98.
    13. Robert VERGEER & Alfred KLEINKNECHT, 2014. "Do labour market reforms reduce labour productivity growth? A panel data analysis of 20 OECD countries (1960–2004)," International Labour Review, International Labour Organization, vol. 153(3), pages 365-393, September.
    14. Armanda Cetrulo & Dario Guarascio, 2018. "Weaker Jobs, Weaker Innovation. Exploring The Temporary Employment-Product Innovation Nexus," Working Papers 0032, ASTRIL - Associazione Studi e Ricerche Interdisciplinari sul Lavoro.
    15. Lehmann, Hartmut & Muravyev, Alexander, 2009. "How Important Are Labor Market Institutions for Labor Market Performance in Transition Countries?," IZA Discussion Papers 4673, Institute of Labor Economics (IZA).
    16. Andreas Sachs & Frauke Schleer, 2019. "Labor Market Performance in OECD Countries: The Role of Institutional Interdependencies," International Economic Journal, Taylor & Francis Journals, vol. 33(3), pages 431-454, July.
    17. repec:eid:wpaper:01/10 is not listed on IDEAS
    18. Chen, Ling, 2017. "Grounded Globalization: Foreign Capital and Local Bureaucrats in China’s Economic Transformation," World Development, Elsevier, vol. 98(C), pages 381-399.
    19. Kehr, Janina, 2023. "The moral economy of universal public healthcare. On healthcare activism in austerity Spain," Social Science & Medicine, Elsevier, vol. 319(C).
    20. Dario Judzik & Haider A Khan & Laura T Spagnolo, 2016. "Social capabilities–based flexicurity for a learning economy," The Economic and Labour Relations Review, , vol. 27(3), pages 333-348, September.
    21. Servaas Storm, 2019. "Labor Laws and Manufacturing Performance in India: How Priors Trump Evidence and Progress Gets Stalled," Working Papers Series 90, Institute for New Economic Thinking.
    22. Horst Feldmann, 2013. "Banking System Concentration And Labor Market Performance In Industrial Countries," Contemporary Economic Policy, Western Economic Association International, vol. 31(4), pages 719-732, October.
    23. Horst Feldmann, 2010. "Venture Capital Availability and Labor Market Performance in Industrial Countries: Evidence Based on Survey Data," Kyklos, Wiley Blackwell, vol. 63(1), pages 23-54, February.
    24. Daiji Kawaguchi & Tetsushi Murao, 2014. "Labor‐Market Institutions and Long‐Term Effects of Youth Unemployment," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 46(S2), pages 95-116, October.

    More about this item

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:osf:socarx:3skmx. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: OSF (email available below). General contact details of provider: https://arabixiv.org .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.