Part of The Elgar Series on Central Banking and Monetary Policy, this book explores challenges surrounding central banking today. It goes beyond the immediate concerns with monetary policy and focuses instead on the concept of central banking more generally.

Contents: Introduction to The Future of Central Banking 1 Sylvio Kappes, Louis-Philippe Rochon and Guillaume Vallet 1 The general ineffectiveness of monetary policy or the weaponization of inflation 20 Louis-Philippe Rochon PART I CENTRAL BANKING AND INCOME DISTRIBUTION 2 Monetary policy and personal income distribution: a survey of the empirical literature 38 Sylvio Kappes 3 Inflation targeting regime and income distribution in emerging market economies 62 Lilian Rolim and Nathalie Marins 4 Monetary policy in the United States and its impact on the functional distribution of income: 1970–2015 84 Ivan Dario Velasquez PART II CENTRAL BANKING AND GENDER 5 Feminist macroeconomics and monetary policy 107 Elissa Braunstein 6 The necessary winds of change: empowering women in central banking 128 Guillaume Vallet PART III CENTRAL BANKING AND ECOLOGICAL CONCERNS 7 Contending views on the role of central banks in the age of climate change: a review of the literature 151 William Oman, Mathilde Salin and Romain Svartzman 8 Climate change, central banking and financial supervision: beyond the risk exposure approach 175 Yannis Dafermos 9 Central banking for a social-ecological transformation 195 Louison Cahen-Fourot PART IV CENTRAL BANKING, MACROPRUDENTIAL POLICIES AND FINANCIAL STABILITY 10 The relationship between central banks and financial regulation: a critique of the mainstream consensus and elements for a post-Keynesian approach 220 Esteban Pérez Caldentey 11 Macroprudential policy of central banks 249 Fábio Henrique Bittes Terra and Gustavo Chagas Goudard PART V CENTRAL BANKING AND STRUCTURAL CHANGE 12 Can monetary policy promote structural change? Analyzing the Brazilian experience from a new-developmental perspective 263 Cristina Helena Pinto de Mello and Paulo Robilloti 13 Currency hierarchy, inflation targeting and structural change: the Brazilian experience 290 Daniela Magalhães Prates, Carolina Troncoso Baltar and Rosângela Ballini 14 Central banks and democracy under long-term changes 316 Jocelyn Pixley PART VI CENTRAL BANKING INDEPENDENCE 15 Monetary policy committees at the Central Bank of West African States (BCEAO) and the Bank of the Central African States (BEAC) 337 Régis Bokino and Edwin Le Heron 16 Central bank independence from banks rather than governments 360 Sergio Rossi Index

‘Central banking is about the provision of the means of payment, and payment is, whether we like it or not, at the core of the organisation of modern society. Therefore it should not come as a surprise that central banking will have to evolve with society and has to take up its ever changing challenges. The authors of this unique book are thought leaders in the various fields in which central banking has to react or can lead change of the economy and society. For central bankers the book is a rich source of inspiration for the coming years.’