'The Meaning of Internal Balance' Thirty Years On
In his Nobel Prize lecture, Meade advocated allocating demand management policies to pursuing price stability, reformed wage-fixing institutions to achieving full employment and foreign exchange policies to maintaining balance-of-payments equilibrium. But with respect to the first, he advocated a target for nominal income rather than the price level. I evaluate Meade's programme with the benefit of hindsight and in the light of experience with inflation targets. I also discuss some of the issues associated with the application of flexible inflation targets, as well as the extent to which financial stability considerations should affect the conduct of monetary policy. Copyright © Bank of England. Journal compilation © Royal Economic Society 2009.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 119 (2009)
Issue (Month): 541 (November)
|Contact details of provider:|| Postal: 2 Dean Trench Street, Westminster, SW1P 3HE|
Phone: +44 20 3137 6301
Web page: http://www.res.org.uk/
More information through EDIRC
|Order Information:||Web: http://www.blackwellpublishers.co.uk/asp/journal.asp?ref=0013-0133|