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Citation

Dow S (2015) Monetary Policy. In: Davis J & Dolfsma W (eds.) The Elgar Companion to Social Economics (second edition). Cheltenham: Edward Elgar, pp. 533-547. http://www.e-elgar.com/shop/the-elgar-companion-to-social-economics-second-edition

Abstract
First paragraph: The purpose of this chapter is to consider monetary policy in terms of real social experience. Monetary policy making is itself a real social experience for policy makers. In attempting to influence real behaviour, they employ theoretical ideas, conveyed with the rhetoric of expertise, to communicate with market players. They also do so within an institutional framework that itself reflects a particular set of ideas (in particular the neutrality of money). Yet, as Niebyl (1946) has demonstrated, ideas, institutional design and real practice can get out of phase with each other (reflecting power relations), to the detriment of effective monetary policy. Ingham (2004) echoes Niebyl’s emphasis on the role of power over ideas and thus of monetary policy. We will explore how this has played out in modern times (see further Dow, 2013).

Keywords
monetary policy; theory of monetary policy; money as a social relation