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Monetarists And Keynesians On Central Banking: A Study Of A Failed Debate

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  • Thomas Mayer

Abstract

This paper reviews and appraises the debate about whether the central bank should pursue counter-cyclical policy or generate a stable monetary growth rate. It focuses on whether the participants have followed the rules of "good conversation," and concludes that they have not. Monetarist have over-stated their case, and their opponents have, in large part, just ignored salient points that the monetarists have raised. All the same, the debate has advanced economics to some extent. To support these conclusions the literature generated by this debate is discussed in some detail.

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Bibliographic Info

Paper provided by California Davis - Department of Economics in its series Department of Economics with number 96-06.

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Handle: RePEc:fth:caldec:96-06

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Postal: University of California Davis - Department of Economics. One Shields Ave., California 95616-8578
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Web page: http://www.econ.ucdavis.edu/
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Cited by:
  1. Thomas Mayer, 2003. "The role of ideology in disagreements among economists. A Quantitative Analisis:," Working Papers 01, University of California, Davis, Department of Economics.
  2. Thomas Mayer, . "The Role Of Ideology In Disagreements Among Economists. A Quantitative Analisis:," Department of Economics 00-01, California Davis - Department of Economics.
  3. Thomas Mayer, 2013. "Reply to Deirdre McCloskey and Stephen Ziliak on Statistical Significance," Econ Journal Watch, Econ Journal Watch, vol. 10(1), pages 87-96, January.
  4. Thomas Mayer, 2001. "The role of ideology in disagreements among economists: a quantitative analysis," Journal of Economic Methodology, Taylor & Francis Journals, vol. 8(2), pages 253-273.

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