Restricted access

Since the 2007/8 financial crisis, central banks have been waking up to new realities concerning both the limitations of conventional policies, and the impact conventional and unconventional policies may have. Strict adherence to inflation targeting, which has been around since the early 1990s, started to wane, as some central banks started to adopt either dual mandates, or a looser version of inflation targeting. In this book, we identify the fundamental arguments that support this 'old model' of central banking, and argue that a 'new model' is emerging. Specifically, dealing with the issue of central banks' social responsibility, this book challenges the underpinnings of monetary policy as well as the traditional framework of central banking in the age of deep actual and future upheavals in both economies and societies. All in all, this book, which investigates central banks as institutions exerting power over economies and societies, helps us reconsidering what money is, and why money matters above all.

You are not authenticated to view the full text of this chapter or article.

Access options

Get access to the full article by using one of the access options below.

Other access options

Redeem Token

Institutional Login

Log in with Open Athens, Shibboleth, or your institutional credentials

Login via Institutional Access

Personal login

Log in with your Elgar Online account

Login with you Elgar account