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The Assessment: Macroeconomic Policy

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Author Info
Allsop, Christopher
Vines, David

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Abstract

This paper describes the emerging consensus about the "reaction function" approach to macroeconomic policy. The first section of the paper describes the historical emergence of this consensus, as a synthesis of pre-Keynesian, Keynesian, and monetarist ideas. The theoretical part of the paper presents the basic framework of the approach and explains a number of extensions, including: finding the optimal reaction function, avoiding the problem of inflation bias, the relevance of the Taylor rule, forward-looking expectations, extensions to the open economy, and the interconnections between monetary and fiscal policy. The later parts of the paper contain a detailed discussion of some of the practical and institutional issues involved in the implementation of this new framework. Copyright 2000 by Oxford University Press.

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Publisher Info
Article provided by Oxford University Press in its journal Oxford Review of Economic Policy.

Volume (Year): 16 (2000)
Issue (Month): 4 (Winter)
Pages: 1-32
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Handle: RePEc:oup:oxford:v:16:y:2000:i:4:p:1-32

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  1. Heinz-Peter Spahn, 2007. "Two-Pillar Monetary Policy and Bootstrap Expectations," Diskussionspapiere aus dem Institut für Volkswirtschaftslehre der Universität Hohenheim 282/2007, Department of Economics, University of Hohenheim, Germany. [Downloadable!]
  2. Anella Munro, 2004. "What drives the New Zealand dollar?," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 67, june. [Downloadable!]
  3. Peter Mooslechner & Martin Schürz, 2001. "The Interaction of Wage Bargaining Institutions and an Independent Central Bank – A Methodological Reflection on Current Theories," Empirica, Springer, vol. 28(4), pages 487-506, December. [Downloadable!] (restricted)
  4. Edoardo Gaffeo & Giuliana Passamani & Roberto Tamborini, 2005. "Fiscal and monetary policy, unfortunate events, and the SGP arithmetics - Evidence from a growth-gaps model," Department of Economics Working Papers 0519, Department of Economics, University of Trento, Italia. [Downloadable!]
  5. Qayyum, Abdul, 2002. "Demand for Bank Lending by the Private Business Sector in Pakistan," MPRA Paper 2084, University Library of Munich, Germany, revised 2002. [Downloadable!]
    Other versions:
  6. Alfonso Palacio Vera, 2002. "The "Modern" View of Macroeconomics: Somo Critical Reflections," Documentos de trabajo de la Facultad de Ciencias Económicas y Empresariales 02-17, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales. [Downloadable!]
  7. Robert A Buckle & David Haugh & Peter Thomson, 2001. "Calm after the Storm?: Supply-side contributions to New Zealand’s GDP volatility decline," Treasury Working Paper Series 01/33, New Zealand Treasury. [Downloadable!]
  8. Joerg Bibow, 2006. "Inflation Persistence and Tax-Push Inflation in Germany and in the Euro Area: A Symptom of Macroeconomic Mismanagement?," IMK Studies 01-2006, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute. [Downloadable!]
  9. Christopher Allsopp, 2002. "Macroeconomic Policy Rules in Theory and in Practice," Discussion Papers 10, Monetary Policy Committee Unit, Bank of England. [Downloadable!]
  10. Petr Sedláček, 2006. "Institutional Conditions Of Monetary Policy Conduct In The Czech Republic," Prague Economic Papers, University of Economics, Prague, vol. 2006(2), pages 113-134. [Downloadable!] (restricted)
  11. Rosaria Rita Canale & Pasquale Foresti & Ugo Marani & Oreste Napolitano, 2007. "On Keynesian effects of (apparent) non-Keynesian fiscal policies," Discussion Papers 8_2007, D.E.S. (Department of Economic Studies), University of Naples "Parthenope", Italy. [Downloadable!]
    Other versions:
  12. Heinz-Peter Spahn, 2004. "Learning in Macroeconomics and Monetary Policy: The Case of an Open Economy," Diskussionspapiere aus dem Institut für Volkswirtschaftslehre der Universität Hohenheim 236/2004, Department of Economics, University of Hohenheim, Germany. [Downloadable!]
  13. Peter Howells & Iris Biefang-Frisancho Mariscal, 2005. "Monetary Policy Regimes: a fragile consensus," Discussion Papers 0512, University of the West of England, Department of Economics. [Downloadable!]
  14. Arief Ramayandi, 2001. "Optimum Monetary Instrument Option in the Case of a Small Open Economy," Working Papers in Economics and Development Studies (WoPEDS) 200101, Department of Economics, Padjadjaran University, revised Sep 2001. [Downloadable!]
  15. Christopher Allsopp, 2002. "The Future of Macroeconomic Policy in the European Union," Discussion Papers 07, Monetary Policy Committee Unit, Bank of England. [Downloadable!]
  16. Gabriel Caldas Montes & Carmem Aparecida Feijó, 2007. "Política Monetária, Inflação E Crescimento Econômico: A Influência Da Reputação Da Autoridade Monetária Sobre A Economia," Anais do XXXV Encontro Nacional de Economia [Proceedings of the 35th Brazilian Economics Meeting] 069, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics]. [Downloadable!]
  17. Abdul Qayyum, 2006. "Money, Inflation, and Growth in Pakistan," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 45(2), pages 203-212. [Downloadable!]
    Other versions:
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