Recent Developments in Monetary Policy
AbstractIn the fifteen years leading up to the financial crisis in 2008, there emerged a great deal of agreement on the optimal design of monetary policy. This policy ‘consensus’ was accompanied also by a widely-shared view of how macroeconomies worked as the ‘Keynesian’ versus ‘monetarist’ debates slipped into the past. This paper charts the emergence of this consensus and then looks at the way in which the apparently settled ideas of monetary policy have been disrupted by recent events. In particular, it looks at the way in which the crisis has forced a revision of both the targets and instruments of monetary policy.
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Bibliographic InfoPaper provided by Department of Accounting, Economics and Finance, Bristol Business School, University of the West of England, Bristol in its series Working Papers with number 1017.
Length: 25 pages
Date of creation: Dec 2010
Date of revision:
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Phone: 0117 328 3610
Web page: http://www1.uwe.ac.uk/bl/research/bristoleconomics.aspx
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Monetary policy; quantity theory; Phillips curve;
Find related papers by JEL classification:
- E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
- E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-12-11 (All new papers)
- NEP-CBA-2010-12-11 (Central Banking)
- NEP-HPE-2010-12-11 (History & Philosophy of Economics)
- NEP-MAC-2010-12-11 (Macroeconomics)
- NEP-MON-2010-12-11 (Monetary Economics)
- NEP-PKE-2010-12-11 (Post Keynesian Economics)
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- Landais, Bernard, 2011.
"Conduite et efficacité de la politique économique : les leçons de la crise
[Management and Efficiency of the Economic Policies : The Crisis' Lessons"]," MPRA Paper 31223, University Library of Munich, Germany.
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