Development central banking: A review of issues and experiences

In this working paper published by the International Labour Office’s Employment Policy Department, PERI Co-Director Gerald Epstein writes, “It took the great financial crisis of 2007-2008 to shake up the ‘Washington Consensus’ and raise significant questions about [a single-minded focus on commodity inflation] as a central banking norm…. In the light of these challenges and the evolution of attitudes toward central banking in recent years, it is timely to assess the arguments for broader (or multiple) mandates for central banks, review old approaches and assess new ones for implementing development central banking.”