This volume focuses on current issues of debate in the area of modern macroeconomics and money, written from (a broadly interpreted) post Keynesian perspective. The papers connect with Philip Arestis' contributions to macroeconomics and money, and pay tribute to his distinguished career.

PART I: MACROECONOMIC THEORY AND POLICY Macroeconomic and Monetary Policy Design The Efficiency of ECB and Fed Monetary Policy: Who Promotes Higher Growth and Lower Inflation? Central Bank Communication, Transparency and Interest Rate Volatility: Evidence from the USA The Thatcher Experiment' 1979-1990: Was it Necessary to Cure UK Inflation? Time to Forget the Phillips' Curve' Monetary Policy and the Phillips' Curve Global Imbalance Problem and its Relationship with the Local and International Financial Markets Finance-led Capitalism, Distribution and Growth - a Stock-flow-consistent Kaleckian View Finance, Speculation and Stability: Post-Keynesian Policy Proposals PART II: FINANCIAL CRISIS AND FINANCIAL BUBBLES The Sub-prime Crisis: A Minsky Moment? A Reformulated Neo-Wicksellian Model in the Light of Bubbles The 'Minsky Moment' in Perspective Market Failure, Global Public Goods and Financial Liberalization Financial Liberalization and Poverty PART III: FINANCIAL MARKETS AND GOVERNANCE IN DEVELOPING COUNTRIES Bilateral Trade and Investment Agreements and the Instantiation of Neo-liberal Financial Reforms in Developing Countries Institutions and Finance in Developing Countries: Challenges to Orthodoxy The Stock Market, Corporate Finance and Corporate Governance in Emerging Countries Financial Globalization and Innovation