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Distinguished Lecture on Economics in Government: What Central Bankers Could Learn from Academics--And Vice Versa

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  • Alan S. Blinder

Abstract

Academic writing about monetary policy has been useful to practical central bankers, but more of (certain aspects of) the economists' way of thinking could profitably be imported. On the other hand, academics could improve their analysis, and make it more useful to policymakers, if they would pay more attention to certain 'real-world' aspects of monetary policy. The author draws on his experience at the Federal Reserve Board to point out a number of specific lessons for each side.

Suggested Citation

  • Alan S. Blinder, 1997. "Distinguished Lecture on Economics in Government: What Central Bankers Could Learn from Academics--And Vice Versa," Journal of Economic Perspectives, American Economic Association, vol. 11(2), pages 3-19, Spring.
  • Handle: RePEc:aea:jecper:v:11:y:1997:i:2:p:3-19
    Note: DOI: 10.1257/jep.11.2.3
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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jep.11.2.3
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    References listed on IDEAS

    as
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    5. Robert J. Gordon, 1997. "The Time-Varying NAIRU and Its Implications for Economic Policy," Journal of Economic Perspectives, American Economic Association, vol. 11(1), pages 11-32, Winter.
    6. John Y. Campbell, 1995. "Some Lessons from the Yield Curve," Journal of Economic Perspectives, American Economic Association, vol. 9(3), pages 129-152, Summer.
    7. Barro, Robert J., 1986. "Reputation in a model of monetary policy with incomplete information," Journal of Monetary Economics, Elsevier, vol. 17(1), pages 3-20, January.
    8. Athanasios Orphanides & David W. Wilcox, 2002. "The Opportunistic Approach to Disinflation," International Finance, Wiley Blackwell, vol. 5(1), pages 47-71.
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    More about this item

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics

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