The Central Banks: The International and European Directions

By William Frazer | Go to book overview

Part III
Central Banking

Part III is an extension of the main subjects of the text in terms of some more or less hypothetical questions. The subjects include economic analysis broadly viewed, money, and ideology. In the broad view, alternative approaches emerge and react against the separation of the theory of money from that of production, the omission of money from the analysis of aggregate demand, and the prospect that prices are determined in markets exclusive of monetary analysis ( Frazer 1994a, Sections 3.2e, 7.2b).

Even recognizing alternatives, the text offers a total analytical system in which the demand for money in income velocity (or liquidity-shift) terms and variations in the growth of the money stock impact numerous other key variables in the economic/analytical system so as to render virtually impossible the separation of effects of the distinct variables in any detailed sense by known direct means. Rather, special time frames enter along the lines of Milton Friedman's early moves to advance the monetary dimension of the business cycle research, which was set on a course by Wesley Mitchell. In the analytical part of this work, Friedman adopts the policy orientation, the definition of money, and other features of the analysis that were set on a course by J. M. Keynes.

A partially hypothetical question is how one would go about structuring and provisioning a new central bank on the basis of the analysis, the comparisons of central banks, the facts, the experiments, and the phases of post-World War II developments. Without ignoring the polity matters I associate with the economic analysis, I turn in Part III to summary statements of interest rate/fiscal-policy and money-stock regimes and reconsider some hypotheses and institutional concerns introduced in Section 1.1 and Chapter 3. Matters bearing on money, and central banks that provide it, are summarized and the European Monetary System, its goals, and the hypothetical question about a EuroFed bank are considered.

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