Macro-Structure, DMOs, and Monetary Regimes

Central bank independence is half the story. Sovereign debt is managed by a separate institution with its own claim to independence, and the two postures interact. This project reads monetary policy and debt management as one architecture rather than two literatures, and situates both inside the systemic structure of financialised capitalism.

Three interlinked areas

1 · Macro-structure

A conceptualisation of the systemic relations, architectures and tendencies running through financialised capitalism.
See Giordano and Pulieri (forthcoming).

2 · Debt management operations

The political economy of debt management: whether DMO "independence" holds, and where debt management offices work with the central bank or against it.
See Giordano and Pulieri (forthcoming).

3 · Monetary regime

Central-bank posture is not readable from policy decisions alone. Placing those decisions inside the financial architecture and the instruments available is what makes the regime visible.
See Giordano and Goghie (2023).

Related: Balance-Sheet Modelling · Eurozone · Defence & Security Economics