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The Practice of Central Banking

Economy Studies , 2022
Level: beginner
Perspectives: Other, Post-Keynesian Economics
Topic: Institutions, Governments & Policy, Macroeconomics, Money & Debt
Format: Teaching Package

This teaching pack was designed by Economy Studies and focuses on the practice and real-world activities of central banks. It assumes students have a grasp of basic macroeconomic concepts already, and is therefore most suitable to be used at the end of introductory macro courses, or in more advanced macro or monetary economics courses.

The central aim is to help students understand that central banking in the real world is a lot more complex than simply changing interest rates to mechanically ensure that resources are not under- or over-employed, as it is often presented. The content is focused on understanding the actual implementation of financial stability and monetary policy in practice.

 

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Comment from our editors:

These teaching packs are designed for 90-minute (online or offline) sessions that can be added to existing courses. They help students become familiar with an important topic that is often neglected. At some universities lectures and sessions are typically longer than 90 minutes and at others shorter. Feel free to adjust the material to make it with your context and purpose. 

 

Tags: central bank | Critical Political Economy | teaching package
This paper presents an overview of different models which explain financial crises, with the aim of understanding economic developments during and possibly after the Great Recession. In the first part approaches based on efficient markets and rational expectations hypotheses are analyzed, which however do not give any explanation for the occurrence of financial crises and thus cannot suggest any remedies for the present situation. A broad range of theoretical approaches analyzing financial crises from a medium term perspective is then discussed. Within this group we focused on the insights of Marx, Schumpeter, Wicksell, Hayek, Fisher, Keynes, Minsky, and Kindleberger. Subsequently the contributions of the Regulation School, the approach of Social Structures of Accumulation and Post-Keynesian approach, which focus on long-term developments and regime shifts in capitalist development, are presented. International approaches to finance and financial crises are integrated into the analyses. We address the issue of relevance of all these theories for the present crisis and draw some policy implications. The paper has the aim to find out to which extent the different approaches are able to explain the Great Recession, what visions they develop about future development of capitalism and to which extent these different approaches can be synthesized. 2015 Level: advanced Theories of finance and financial crisis: Lessons for the Great Recession Nina Dodig, Hansjörg Herr Institute for International Political Economy Berlin Nancy Fraser starts out by introducing the multidmiensional cirises of the 21st century. Three dimensions are especially alarming to her: the ecological, the financial and social aspects of the crisis. Fraser then revives the ideas of Karl Polanyi, which he first presented in his 1944 book "The great transformation". She … 2013 Level: advanced Can societies be commodities all the way down? Nancy Fraser Helsinki Collegium for Advanced Studies, University of Helsinki How was money actually invented? Where does it come from? In this first episode of a video lecture, Dirk Bezemer from the University of Groningen presents the origins of money and how it's related to debt. It's a basic historical review and you can get an idea of how money is created and how banks work. The following episodes aim at giving an overview of the last debt crisis. 2013 Level: beginner DEBT episode 1: Debt, a great invention Dirk Bezemer University of Groningen

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