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Endogenous doctrine, or, why is monetary policy in America so much better than in Europe?

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  • JAMES K. GALBRAITH

Abstract

This paper briefly examines the evolution of economic doctrine used to justify monetary policies at the Federal Reserve since World War II. The main finding is that while individual doctrines rarely withstand close scrutiny, they do change with some regularity and in evident response to circumstance. The ability to shift the public face (and perhaps the private basis) of monetary decision making gives the Federal Reserve, for all its faults, an advantage over the European Central Bank, which is constitutionally committed to its "line"--and therefore unable to accommodate itself to new evidence, new theory, or new states of the world.

Suggested Citation

  • James K. Galbraith, 2006. "Endogenous doctrine, or, why is monetary policy in America so much better than in Europe?," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 28(3), pages 423-432.
    • Handle: RePEc:mes:postke:v:28:y:2006:i:3:p:423-432
    DOI: 10.2753/PKE0160-3477280303
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    Cited by:

    1. Angel Asensio, 2011. "Inflation Targeting Drawbacks in the Absence of a ‘Natural’ Anchor: A Keynesian Appraisal of the Fed and ECB Policies from 1999 to 2006," Chapters, in: Claude Gnos & Louis-Philippe Rochon (ed.), Credit, Money and Macroeconomic Policy, chapter 11, Edward Elgar Publishing.
    2. Angel Asensio, 2007. "Inflation targeting drawbacks in the absence of a 'natural' anchor," Post-Print halshs-00189225, HAL.
    3. Massimo Cingolani, 2008. "Full Employment as a Possible Objective for EU Policy I. A Perspective From the Point of View of The Monetary Circuit," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 55(1), pages 89-114, March.

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