Atelier « Ethical Dimensions of Monetary Policy »

Monetary policy is largely driven by considerations of inflation and, to some extent, unemployment and economic growth. Some central banks, like the ECB, have a mandate focused exclusively on keeping in check inflation whereas others, like the FED, have a double-mandate balancing the objectives of controlling inflation and limiting unemployment.

While both monetary theory and policy focus on these economic dimensions, a number of normative implications do not receive adequate attention. Monetary policy both has distributive consequences and raises questions of self-determination and monetary sovereignty in an international context. When central banks set interest rates or conduct open-market operations, should they take these considerations into account and, if so, how?

This workshop aims to investigate the normative dimensions of monetary theory and policy. To do so, it brings together political philosophers working on economic issues, economists, and political scientists working on political economy.

Preliminary schedule :

 Thursday, April 24th

2.00pm – 2.50pm          Sanjay Reddy, Ethics and monetary policy: A conceptual framework

2.50pm – 3.40pm          Tom Sorell, Justice and Quantitative Easing

Coffee

4.10pm – 5.00pm          Frank Garcia, Ethical dimensions of IMF policy

5.00pm – 5.50pm          Peter Dietsch, Revisiting the liquidity trap – assessing the impact of monetary policy today

Dinner at 7pm

Friday, April 25th

9.00am – 9.50am           Laurence Kotlikoff, Printing money – The generational equity implications

9.50am – 10.40am        Martin O’Neill, The ethics of quantitative easing

Coffee

11.00am – 11.40am     Pierre Monnin, Inflation and income inequality in developed economies

11.40am – 12.30pm     Aaron James, Distributive consequences of monetary policy

Lunch