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Recent Developments in Monetary Policy

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Author Info

  • Peter Howells

    ()
    (University of the West of England, Bristol)

  • Iris Biefang Frisancho-Mariscal

    (University of the West of England, Bristol)

Abstract

In 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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File URL: http://carecon.org.uk/DPs/1017.pdf
File Function: First version, 2010
Download Restriction: no

Bibliographic Info

Paper 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.

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Length: 25 pages
Date of creation: Dec 2010
Date of revision:
Handle: RePEc:uwe:wpaper:1017

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Postal: Frenchay Campus, Coldharbour Lane, Bristol BS16 1QY
Phone: 0117 328 3610
Web page: http://www1.uwe.ac.uk/bl/research/bristoleconomics.aspx
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Related research

Keywords: Monetary policy; quantity theory; Phillips curve;

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Cited by:
  1. 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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