Jens Van ’t Klooster
Biographic Data
| ID | 1616827 |
|---|---|
| NAME | Jens Van ’t Klooster |
| GIVEN NAMES | Jens Van ’t |
| FAMILY NAME | Klooster |
| SIGNATURE | KLOOSTER J ’T |
| AFFILIATIONS | University of Amsterdam |
| ORCID | 0000-0002-0796-9311 |
| VERIFIED | Yes |
| TOTAL WORKS | 18 |
| TOTAL CITATIONS | 170 |
| AUTHOR COUNT | 18 |
| EDITOR COUNT | 0 |
| FIRST PUBLICATION YEAR | 2019 |
| LATEST PUBLICATION YEAR | 2026 |
| H-INDEX | 8 |
Closing the EU’s inflation governance gap
This article assesses the adequacy of the European Union’s inflation governance framework in the context of frequent inflationary shocks. An inflation governance framework is the set of normative ideas and corresponding practices that govern the interpretation of objectives, the design of instruments, and how decision-making should proceed to prevent inflation. Within the inflation governance framework with which the EU approached the post-pandem…
Hans Jonas and Sophocles on the ethics of the Anthropocene
What, if anything, is new about the ethical demands that the Anthropocene places on human action? We refer to this question as the Anthropocene question, since only an ethics that provides a precise answer to that question is properly an ethics of the Anthropocene. While scholars in the environmental humanities have addressed the Anthropocene question, we bring this question to normative theory. To this end, we put forward a critical reading of H…
Cryptomercantilism vs. Monetary Sovereignty
Why the Fed and ECB parted ways on climate change
Central banks form a global policy community with a historically high degree of convergence around the norms of central bank independence. However, in recent years, climate change has emerged as a topic of clear-cut divergence – most strikingly between the historically similar European Central Bank (ECB) and US Federal Reserve (Fed). We develop a theoretical framework that allows us to explore not only factors pushing towards central bank converg…
Rethinking currency internationalisation
Planetary financial policy and the riskification of nature
This article puts forward a new account of the promise and potential pitfalls of recent prudential policies pertaining to climate change, biodiversity loss, and broader planetary boundaries. We describe recent developments in financial policy as a ‘riskification’ of nature – environmental degradation, as well as policies to protect nature, are conceptualised as drivers of measurable financial risk to firms or financial assets. We show that althou…
Financial technocrats as competitive regime creators
Why did a group of eight central bankers and financial supervisors from across the globe create a Network for Greening the Financial System in 2017? Why did they design this network as they did? The founders were an uncommon coalition, led by French financial authorities working closely with their Dutch, British, and Chinese counterparts, and backed by others from Germany, Mexico, Singapore, and Sweden. They were engaged in an unusual act of comp…
Climate change governance by central banks in an era of interlocking crises
In this article, we survey the literature on central bank action on climate change, focusing particularly on how the combined crises of COVID-19, inflation, and Ukraine have affected this action. We argue that the current situation is a critical juncture in which recent crises have created a highly indeterminate situation regarding what central banks might do regarding climate change. To date, some central banks have used these crises as opportun…
Outlier robust inference in the instrumental variable model with applications to causal effects
The Anderson‐Rubin (AR) test is an important method that allows for reliable inference in the instrumental variable model when the instruments are weak. Yet, the robustness properties of this test have not been formally studied. As it turns out that the AR test is not robust to outliers, we show how to construct an outlier robust alternative—the robust AR test. We investigate the robustness properties of the robust AR test and show that the robus…
The dysfunctional taboo
Monetary financing – the issuance of public money to support public expenditure – remains a widespread policy taboo. In this article, we analyze the operational practices of the Bank of England, the Federal Reserve and the European Central Bank (ECB) from the 20th onwards to argue that monetary finance should be understood as a conventional and legitimate part of central banks’ core functions. We argue that monetary financing serves a crucial mac…
Rethinking Monetary Sovereignty
We propose a new conception of monetary sovereignty that acknowledges the reality of today’s global credit money system. Today, the concept is predominantly used to denote states that issue and regulate their own currency. We reject that Westphalian understanding of monetary sovereignty. Instead, we propose a conception of effective monetary sovereignty that focuses on what states are actually able to do in the era of financial globalization. The…
What to Do with the ECB's Secondary Mandate
The ECB's secondary mandate requires it to support broader economic policies by and in the EU. How should the ECB deal with its many, potentially conflicting, objectives? To answer that question, this article combines normative and legal analysis with new archival sources, as well as analysis of ECB speeches and documents. A more important role for its secondary mandate fits well with the new, more political role of the ECB. However, the requirem…
The politics of the ECB's market-based approach to government debt
The European Central Bank's (ECB) market-based treatment of government debt was an important cause of the 2010-2012 eurozone crisis. This article analyses the political dynamics that govern the ECB's approach to government debt from the earliest discussions on Economic and Monetary Union to the COVID-19 pandemic. The first part of the article traces the process of institutional transformation that led the ECB to introduce its strict market-based …
Marginalism and Scope in the Early Methodenstreit
The early Methodenstreit (1871–1883) between Gustav Schmoller and Carl Menger is one of the defining moments in the development of today’s discipline of economics. However, recent interpretations of the debate no longer identify a substantial point of controversy. I reconstruct the debate to show that the pivotal topic was the scope of economics. Menger claims that his marginalist Principles of Economics more or less captures the entire subject m…
Technocratic Keynesianism
Despite anticipated curtailment of their powers, the past decade saw technocratic actors take on an increasingly powerful role in economic governance. Focusing on the EU, I analyse these epochal shifts as a move away from the market liberal paradigm that informed the 1992 European Economic and Monetary Union (EMU). The 1992 EMU combines a highly restrictive attitude to public money creation with a permissive laissez-faire attitude to private cred…
The Ethics of Delegating Monetary Policy
First published online: 01 April 2020
The Myth of Market Neutrality
Monetary policy operations in corporate security markets confront central banks with choices that are traditionally perceived to be the prerogative of governments. This article investigates how central bankers legitimise corporate security purchases through a comparative study of the European Central Bank (ECB) and the Swiss National Bank (SNB). As we show, central bankers downplay the novelty of corporate security purchases by relying on familia…
Central Banking in Rawls’s Property-Owning Democracy
The dramatic events of the crisis have reignited debates on the independence of central banks and the scope of their mandates. In this article, I contribute to the normative understanding of these developments by discussing John Rawls’s position in debates of the 1950s and 1960s on the independence of the US Federal Reserve. Rawls’s account of the central bank in his property-owning democracy, Democratic Central Banking (DCB), assigns authority o…
The Myth of Market Neutrality
Monetary policy operations in corporate security markets confront central banks with choices that are traditionally perceived to be the prerogative of governments. This article investigates how central bankers legitimise corporate security purchases through a comparative study of the European Central Bank (ECB) and the Swiss National Bank (SNB). As we show, central bankers downplay the novelty of corporate security purchases by relying on familia…
Technocratic Keynesianism
Despite anticipated curtailment of their powers, the past decade saw technocratic actors take on an increasingly powerful role in economic governance. Focusing on the EU, I analyse these epochal shifts as a move away from the market liberal paradigm that informed the 1992 European Economic and Monetary Union (EMU). The 1992 EMU combines a highly restrictive attitude to public money creation with a permissive laissez-faire attitude to private cred…
The Ethics of Delegating Monetary Policy
First published online: 01 April 2020
Rethinking Monetary Sovereignty
We propose a new conception of monetary sovereignty that acknowledges the reality of today’s global credit money system. Today, the concept is predominantly used to denote states that issue and regulate their own currency. We reject that Westphalian understanding of monetary sovereignty. Instead, we propose a conception of effective monetary sovereignty that focuses on what states are actually able to do in the era of financial globalization. The…
What to Do with the ECB's Secondary Mandate
The ECB's secondary mandate requires it to support broader economic policies by and in the EU. How should the ECB deal with its many, potentially conflicting, objectives? To answer that question, this article combines normative and legal analysis with new archival sources, as well as analysis of ECB speeches and documents. A more important role for its secondary mandate fits well with the new, more political role of the ECB. However, the requirem…
The politics of the ECB's market-based approach to government debt
The European Central Bank's (ECB) market-based treatment of government debt was an important cause of the 2010-2012 eurozone crisis. This article analyses the political dynamics that govern the ECB's approach to government debt from the earliest discussions on Economic and Monetary Union to the COVID-19 pandemic. The first part of the article traces the process of institutional transformation that led the ECB to introduce its strict market-based …
Financial technocrats as competitive regime creators
Why did a group of eight central bankers and financial supervisors from across the globe create a Network for Greening the Financial System in 2017? Why did they design this network as they did? The founders were an uncommon coalition, led by French financial authorities working closely with their Dutch, British, and Chinese counterparts, and backed by others from Germany, Mexico, Singapore, and Sweden. They were engaged in an unusual act of comp…
Central Banking in Rawls’s Property-Owning Democracy
The dramatic events of the crisis have reignited debates on the independence of central banks and the scope of their mandates. In this article, I contribute to the normative understanding of these developments by discussing John Rawls’s position in debates of the 1950s and 1960s on the independence of the US Federal Reserve. Rawls’s account of the central bank in his property-owning democracy, Democratic Central Banking (DCB), assigns authority o…
The dysfunctional taboo
Monetary financing – the issuance of public money to support public expenditure – remains a widespread policy taboo. In this article, we analyze the operational practices of the Bank of England, the Federal Reserve and the European Central Bank (ECB) from the 20th onwards to argue that monetary finance should be understood as a conventional and legitimate part of central banks’ core functions. We argue that monetary financing serves a crucial mac…
Planetary financial policy and the riskification of nature
This article puts forward a new account of the promise and potential pitfalls of recent prudential policies pertaining to climate change, biodiversity loss, and broader planetary boundaries. We describe recent developments in financial policy as a ‘riskification’ of nature – environmental degradation, as well as policies to protect nature, are conceptualised as drivers of measurable financial risk to firms or financial assets. We show that althou…
Climate change governance by central banks in an era of interlocking crises
In this article, we survey the literature on central bank action on climate change, focusing particularly on how the combined crises of COVID-19, inflation, and Ukraine have affected this action. We argue that the current situation is a critical juncture in which recent crises have created a highly indeterminate situation regarding what central banks might do regarding climate change. To date, some central banks have used these crises as opportun…
The Myth of Market Neutrality
Monetary policy operations in corporate security markets confront central banks with choices that are traditionally perceived to be the prerogative of governments. This article investigates how central bankers legitimise corporate security purchases through a comparative study of the European Central Bank (ECB) and the Swiss National Bank (SNB). As we show, central bankers downplay the novelty of corporate security purchases by relying on familia…
Central Banking in Rawls’s Property-Owning Democracy
The dramatic events of the crisis have reignited debates on the independence of central banks and the scope of their mandates. In this article, I contribute to the normative understanding of these developments by discussing John Rawls’s position in debates of the 1950s and 1960s on the independence of the US Federal Reserve. Rawls’s account of the central bank in his property-owning democracy, Democratic Central Banking (DCB), assigns authority o…
The Ethics of Delegating Monetary Policy
First published online: 01 April 2020
Technocratic Keynesianism
Despite anticipated curtailment of their powers, the past decade saw technocratic actors take on an increasingly powerful role in economic governance. Focusing on the EU, I analyse these epochal shifts as a move away from the market liberal paradigm that informed the 1992 European Economic and Monetary Union (EMU). The 1992 EMU combines a highly restrictive attitude to public money creation with a permissive laissez-faire attitude to private cred…
Marginalism and Scope in the Early Methodenstreit
The early Methodenstreit (1871–1883) between Gustav Schmoller and Carl Menger is one of the defining moments in the development of today’s discipline of economics. However, recent interpretations of the debate no longer identify a substantial point of controversy. I reconstruct the debate to show that the pivotal topic was the scope of economics. Menger claims that his marginalist Principles of Economics more or less captures the entire subject m…
The dysfunctional taboo
Monetary financing – the issuance of public money to support public expenditure – remains a widespread policy taboo. In this article, we analyze the operational practices of the Bank of England, the Federal Reserve and the European Central Bank (ECB) from the 20th onwards to argue that monetary finance should be understood as a conventional and legitimate part of central banks’ core functions. We argue that monetary financing serves a crucial mac…
Rethinking Monetary Sovereignty
We propose a new conception of monetary sovereignty that acknowledges the reality of today’s global credit money system. Today, the concept is predominantly used to denote states that issue and regulate their own currency. We reject that Westphalian understanding of monetary sovereignty. Instead, we propose a conception of effective monetary sovereignty that focuses on what states are actually able to do in the era of financial globalization. The…
What to Do with the ECB's Secondary Mandate
The ECB's secondary mandate requires it to support broader economic policies by and in the EU. How should the ECB deal with its many, potentially conflicting, objectives? To answer that question, this article combines normative and legal analysis with new archival sources, as well as analysis of ECB speeches and documents. A more important role for its secondary mandate fits well with the new, more political role of the ECB. However, the requirem…
The politics of the ECB's market-based approach to government debt
The European Central Bank's (ECB) market-based treatment of government debt was an important cause of the 2010-2012 eurozone crisis. This article analyses the political dynamics that govern the ECB's approach to government debt from the earliest discussions on Economic and Monetary Union to the COVID-19 pandemic. The first part of the article traces the process of institutional transformation that led the ECB to introduce its strict market-based …
Outlier robust inference in the instrumental variable model with applications to causal effects
The Anderson‐Rubin (AR) test is an important method that allows for reliable inference in the instrumental variable model when the instruments are weak. Yet, the robustness properties of this test have not been formally studied. As it turns out that the AR test is not robust to outliers, we show how to construct an outlier robust alternative—the robust AR test. We investigate the robustness properties of the robust AR test and show that the robus…
Cryptomercantilism vs. Monetary Sovereignty
Why the Fed and ECB parted ways on climate change
Central banks form a global policy community with a historically high degree of convergence around the norms of central bank independence. However, in recent years, climate change has emerged as a topic of clear-cut divergence – most strikingly between the historically similar European Central Bank (ECB) and US Federal Reserve (Fed). We develop a theoretical framework that allows us to explore not only factors pushing towards central bank converg…
Rethinking currency internationalisation
Planetary financial policy and the riskification of nature
This article puts forward a new account of the promise and potential pitfalls of recent prudential policies pertaining to climate change, biodiversity loss, and broader planetary boundaries. We describe recent developments in financial policy as a ‘riskification’ of nature – environmental degradation, as well as policies to protect nature, are conceptualised as drivers of measurable financial risk to firms or financial assets. We show that althou…
Financial technocrats as competitive regime creators
Why did a group of eight central bankers and financial supervisors from across the globe create a Network for Greening the Financial System in 2017? Why did they design this network as they did? The founders were an uncommon coalition, led by French financial authorities working closely with their Dutch, British, and Chinese counterparts, and backed by others from Germany, Mexico, Singapore, and Sweden. They were engaged in an unusual act of comp…
Climate change governance by central banks in an era of interlocking crises
In this article, we survey the literature on central bank action on climate change, focusing particularly on how the combined crises of COVID-19, inflation, and Ukraine have affected this action. We argue that the current situation is a critical juncture in which recent crises have created a highly indeterminate situation regarding what central banks might do regarding climate change. To date, some central banks have used these crises as opportun…
Closing the EU’s inflation governance gap
This article assesses the adequacy of the European Union’s inflation governance framework in the context of frequent inflationary shocks. An inflation governance framework is the set of normative ideas and corresponding practices that govern the interpretation of objectives, the design of instruments, and how decision-making should proceed to prevent inflation. Within the inflation governance framework with which the EU approached the post-pandem…
Hans Jonas and Sophocles on the ethics of the Anthropocene
What, if anything, is new about the ethical demands that the Anthropocene places on human action? We refer to this question as the Anthropocene question, since only an ethics that provides a precise answer to that question is properly an ethics of the Anthropocene. While scholars in the environmental humanities have addressed the Anthropocene question, we bring this question to normative theory. To this end, we put forward a critical reading of H…
Economics (13 works) · Political science (12 works) · Global Financial Regulation and Crises (10 works) · Law (7 works) · Monetary policy (7 works) · Politics (7 works) · Law (6 works) · Financial system (5 works) · Monetary economics (5 works) · Business (4 works)