Advanced Search
MyIDEAS: Login to save this article or follow this journal

The 'New Consensus' View of Monetary Policy: A New Wicksellian Connection?

Contents:

Author Info

  • Giuseppe Fontana

    (Leeds University Business School)

Registered author(s):

    Abstract

    One of the greatest achievements of the modern 'New Consensus' view in macroeconomics is the assertion of a non-quantity-theoretic approach to monetary policy. Leading theoricians and practitioners of this view have indeed rejected the quantity theory of money, and defended a return to the old Wicksellian idea of eliminating high levels of inflation by adjusting nominal interest rates to changes in the price level. This paper evaluates these recent developments in the theory and practice of monetary policy in terms of two basic questions, namely what is the monetary policy instrument controlled by the central bank, and which macroeconomic variables are affected in the short and long run by monetary policy.

    Download Info

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
    File URL: http://www.elgaronline.com/view/journals/ejeep/3-2/ejeep.2006.02.10.xml
    Download Restriction: no

    Bibliographic Info

    Article provided by Edward Elgar in its journal Intervention. European Journal of Economics and Economic Policies (subtitle initially: Zeitschrift fuer Oekonomie / Journal of Economics).

    Volume (Year): 3 (2006)
    Issue (Month): 2 ()
    Pages: 263-278

    as in new window
    Handle: RePEc:elg:ejeepi:v:3:y:2006:i:2:p:263-278

    Contact details of provider:
    Web page: http://www.elgaronline.com/ejeep

    Related research

    Keywords: Wicksell; monetary policy; New Consensus; endogenous money;

    Find related papers by JEL classification:

    References

    No references listed on IDEAS
    You can help add them by filling out this form.

    Citations

    Lists

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    Statistics

    Access and download statistics

    Corrections

    When requesting a correction, please mention this item's handle: RePEc:elg:ejeepi:v:3:y:2006:i:2:p:263-278. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Helen Craven).

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.