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Inflation targeting drawbacks in the absence of a 'natural' anchor

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Author Info
Angel Asensio () (CEPN - Centre d'économie de l'Université de Paris Nord - CNRS : UMR7115 - Université Paris-Nord - Paris XIII)
Abstract

The economic performances of the Eurozone look weaker than those of the United States overthe period 1999-2006, in spite of the fact that the former applies more thoroughly the 'newmacroeconomics' governance rules concerning public deficits and inflation control. Theliterature emphasizes Alan Greenspan's pragmatism when discussing the relative success ofthe Fed, but the reasons why pragmatism ought to do better than a thorough application of the'new macroeconomics' theoretical recommendations remain unexplored. The paper focuses onthe advantage of monetary policy pragmatism in the face of Keynesian uncertainty. Morespecifically, it points out the trials of the 'new macroeconomics' principles of monetary policywhen they are implemented in a Keynesian context, that is, within a system which does nothave any 'natural' anchor.

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Paper provided by HAL in its series Post-Print with number halshs-00189225_v1.

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Date of creation: Nov 2007
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Publication status: Published - Presented, PostKeynesian economic policy, 2d bi-annual Dijon Conference of the CEMF, Université de Bourgogne., 2007, Dijon, France
Handle: RePEc:hal:journl:halshs-00189225_v1

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Keywords: Monetary policy; Post Keynesian; Uncertainty;

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  3. Philip Arestis & Georgios E. Chortareas, 2007. "Natural equilibrium real interest rate estimates and monetary policy design," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 29(4), pages 621-643, July. [Downloadable!] (restricted)
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    Other versions:
  6. Paul Davidson, 2006. "Can, or should, a central bank inflation target?," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 28(4), pages 689-703, July. [Downloadable!] (restricted)
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  8. Giuseppe Fontana, 2006. "The Federal Reserve and the European Central Bank: a theoretical comparison of their legislative mandates," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 28(3), pages 433-450, April. [Downloadable!] (restricted)
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