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The "New Consensus" View of Monetary Policy: A New Wicksellian Connection?

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Author Info
Giuseppe Fontana

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Abstract

One of the greatest achievements of the modern ÒNew ConsensusÓ view in macroeconomics is the assertion of a nonquantity theoretic approach to monetary policy. Leading theorists and practitioners of this view have indeed rejected the quantity theory of money, and defended a return to the old Wicksellian idea of eliminating high levels of inflation by adjusting nominal interest rates to changes in the price level. This paper evaluates these recent developments in the theory and practice of monetary policy in terms of two basic questions: 1) What is the monetary policy instrument controlled by the central bank? and 2) Which macroeconomic variables are affected in the short and long run by monetary policy?

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Paper provided by Levy Economics Institute, The in its series Economics Working Paper Archive with number wp_476.

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Date of creation: Oct 2006
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Handle: RePEc:lev:wrkpap:wp_476

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  1. Giuseppe Fontana & Alfonso Palacio-Vera, 2004. "Monetary Policy Uncovered: Theory and Practice," International Review of Applied Economics, Taylor and Francis Journals, vol. 18(1), pages 1-19, January. [Downloadable!] (restricted)
  2. Lilia Costabile, 2005. "Money, cycles and capital formation: von Mises the "Austrian" vs. Robertson the "Dynamist"," Cambridge Journal of Economics, Oxford University Press, vol. 29(5), pages 685-707, September. [Downloadable!] (restricted)
  3. Philip Arestis, Malcolm Sawyer, 2003. "The Nature and Role of Monetary Policy When Money Is Endogenous," Economics Working Paper Archive 374, Levy Economics Institute, The. [Downloadable!]
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  4. Mauro Boianovsky & Hans-Michael Trautwein, 2006. "Wicksell after Woodford," Journal of the History of Economic Thought, Taylor and Francis Journals, vol. 28(2), pages 171-185, June. [Downloadable!] (restricted)
  5. Giuseppe Fontana, 2004. "Hicks on monetary theory and history: money as endogenous money," Cambridge Journal of Economics, Oxford University Press, vol. 28(1), pages 73-88, January.
  6. repec:cup:jhisec:v:28:y:2006:i:02:p:171-185_00 is not listed on IDEAS
  7. Tobin, James, 1970. "Money and Income: Post Hoc Ergo Propter Hoc?," The Quarterly Journal of Economics, MIT Press, vol. 84(2), pages 301-17, May. [Downloadable!] (restricted)
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  8. Roberto Tamborini, 2006. "Back to Wicksell? In search of the foundations of practical monetary policy," Department of Economics Working Papers 0602, Department of Economics, University of Trento, Italia. [Downloadable!]
  9. Arestis, Philip & Mariscal, Iris Biefang-Frisancho, 1998. "Capital shortages and asymmetries in UK unemployment," Structural Change and Economic Dynamics, Elsevier, vol. 9(2), pages 189-204, June. [Downloadable!] (restricted)
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  10. George T. McCandless, Jr. & Warren E. Weber, 1995. "Some monetary facts," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Sum, pages 2-11. [Downloadable!]
  11. Thomas M. Humphrey, 2002. "Knut Wicksell and Gustav Cassel on the cumulative process and the price-stabilizing policy rule," Economic Quarterly, Federal Reserve Bank of Richmond, issue Sum, pages 59-83. [Downloadable!]
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