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The more things change . . . inflation targeting and central bank policy

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  • LOUIS-PHILIPPE ROCHON
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    Abstract

    Over the past several decades, monetary theory and policy have been rather consistent, giving credence to the old adage that "the more things change, the more they stay the same." Indeed, three constants in monetary policy can be identified: (1) central banks always strive for some form of price stability, (2) inflation is always and everywhere a demand phenomenon, and (3) monetary policy is always neutral in the long run. Even the latest version of mainstream theory, under the guises of the "new consensus," is strangely consistent with this approach, despite advocating exogenous rates of interest and endogenous money. Inflation targeting is a restatement of the old doctrine, with all the traditional bells and whistles.

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    Bibliographic Info

    Article provided by M.E. Sharpe, Inc. in its journal Journal of Post Keynesian Economics.

    Volume (Year): 28 (2006)
    Issue (Month): 4 (July)
    Pages: 551-558

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    Handle: RePEc:mes:postke:v:28:y:2006:i:4:p:551-558

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    Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=109348

    Related research

    Keywords: central bank; inflation targeting; monetary policy;

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    Cited by:
    1. Jan Korda, 2010. "A Comparison of New Consensus as a Theoretical Framework of Inflation Targeting with Post-Keynesian Economics," Politick√° ekonomie, University of Economics, Prague, University of Economics, Prague, vol. 2010(1), pages 92-104.

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