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If we accept the logic of mainstream free‐market ideology‐based macroeconomic theory, the European Central Bank should, to maximise economic efficiency, be independent of political influence. It is easy to forget that such an understanding of the economy was discredited by the great 1930s slump and banished from government policy in the “Golden Age” of capitalism, between 1950 and 1973. Proposes to move beyond the free‐market/monetarist/new‐classical consensus to consider if the row over who should head the ECB is as trivial as it seems. First considers the work of Michal Kalecki, which typically represents the Golden Age’s prevailing ideology of positive state intervention. Next considers how Europe’s post‐war economic performance can be consistently explained by Kalecki’s work. Then moves on to consider the development of the Single European Currency project with the insight that an alternative economic ideology provides.

We identify three key areas of change in the context of professional services. First, is the increasing demographic diversity and growing income inequality within professions; second, is the emergence of neo-liberal ideologies that challenge traditional professional norms; third, is the emergence of management consulting as a distinct occupational group with professional aspirations. We argue that these trends have produced an environment in which the delivery of professional business services has become disembedded from its institutional context of professionalism. We speculate about the possibility of the re-emergence of professionalism as a distinct logic of authority and control for professional service organizations.

A comprehensive understanding business cycles needs to account not only for the allocation of resources over time but also for resource allocation across industries at any point in time. But to properly understand how these “time-distortions” take place and how the price mechanisms that drive them work, a clear and well-defined conceptualization of the “average length” of the structure of production is required. The authors use insights provided by Macaulay’s duration and Hicks’s average period to show that financial duration and related concepts have a direct connection to macroeconomic stability.

This study uses a theoretical and conceptual approach. It first presents the connection between average period of production and financial duration and then compares and applies this to macroeconomic business cycle theories.

This study points to important implications for macroeconomic policy. It not only claims that a low interest rate contributes to the creation of asset bubbles but also shows the market mechanism through which the real sector is affected. The application of financial concepts to macroeconomic cycles shows the price mechanism through which resources are allocated across industries.

The financial approach we offer to business cycles is fairly unexplored. As such, this paper offers a novel conceptual and theoretical framework for business cycles.

Purpose: Central bank digital currency (CBDC) is non-physical or the digital equivalent of physical money issued by a central bank. Nigeria became the first African country to issue a CBDC, popularly known as the eNaira. This chapter highlights the redesign features that eNaira should possess to offer payment solutions and macroeconomic stability effectively.

Methodology: The chapter used discourse analysis to highlight the features the eNaira should possess.

Findings: The chapter suggests that the eNaira should have an interest-bearing status, have enhanced security features, and offer zero transaction costs on eNaira transactions. These are design features which the eNaira presently lacks.

Originality: This chapter is the first to suggest redesign features for an already issued CBDC. It is also the first to highlight the design features of a CBDC in the African continent.

The purpose of the paper is to address money demand instability and investigate the impact of economic uncertainty, stock market uncertainty and monetary uncertainty on money demand in India over the period 2003Q1–2019Q4.

The study checks the stationarity of the variables through standard unit root tests. Based on the mixed order of variables' integration, the authors adopt the autoregressive distributed lag (ARDL) model to confirm the cointegration and check the stability of the money demand function (MDF).

The findings confirm the presence of cointegration and reveal a well-specified MDF, which exhibits stable parameters. Besides the conventional variables, all forms of uncertainties emerge as the essential long-term determinants of money demand. Long-run findings show that people demand more money to avoid the future financial crunch amid high economic, monetary and stock market uncertainties.

The paper recommends, based on the findings, incorporating the monetary aggregates in the monetary policy framework as one of the essential information variables to control the fluctuation in the price level under the current flexible inflation targeting (FIT) regime.

The findings also add to the knowledge of economic agents in terms of the overall response of individuals to changes in different forms of uncertainties, thereby helping to formulate their portfolios more diligently.

The current work is the first of its kind in the Indian context. The incorporation of uncertainty measures in the MDF adds to the existing knowledge on money demand.

An interview with Milton Friedman in 1996 ‐ presents his reflections on some of the important issues surrounding the evolution of, and currrent debates within, modern macroeconomics. A world‐renowned economist and prolific author since the 1930s, Milton Friedman has had a considerable impact on macroeconomic theory and policy making. Associated mostly with monetarism and the efficacy of free markets, his work has ranged over a broader area ‐ microeconomics, methodology, consumption function, applied statistics, international economics, monetary theory, history and policy, business cycles and inflation. In the interview discusses Keynes’s General Theory, monetarism, new classical macroeconomics, methodology, economic policy, European union and the monetarist counter‐revolution.

One of the most significant changes in monetary economics at the beginning of the twenty-first century has been the virtual disappearance of what was once a dominant focus, the role of money in monetary policy, and parallelly, the disappearance of the liquidity preference-money supply (LM) curve. Economists used to consider monetary policy with the help of the LM curve as part of the analytical framework which captures the demand for money. However, the workhorse model of modern monetary theory and policy, the New Keynesian Dynamic Stochastic General Equilibrium (DSGE) framework, only comprises the dynamic investment-savings (IS) curve, the New Keynesian (NK) Phillips curve, and a monetary policy rule. The monetary policy rule is generally known as the Taylor rule. It relates the nominal interest rate to the output-gaps and inflation-gaps, but typically not to either the quantity or the growth rate of money. This change in the modern monetary model reflects how the central banks make monetary policy now. This study provides a detailed discussion on the role of money in monetary policy formulation in the context of the NK and the New Monetarist perspectives. The pros and cons of abandonment of money or the LM curve from monetary policy models have been discussed in detail.

Using recent literature, examines developments in seven macroeconomic schools of thought: orthodox Keynesian, monetarist, new classical, real business cycle theory, new Keynesian, Austrian and post‐Keynesian. Describes all of these and classifies them as orthodox, new or radical. After setting out the differences, discusses the degree of agreement between the schools of thought. Concludes that macroeconomics is constantly evolving, resulting in new disagreements requiring a new consensus.