'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.
Volume (Year): 119 (2009)
Issue (Month): 541 (November)
|Contact details of provider:|| Postal: Office of the Secretary-General, Rm E35, The Bute Building, Westburn Lane, St Andrews, KY16 9TS, UK|
Phone: +44 1334 462479
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|
When requesting a correction, please mention this item's handle: RePEc:ecj:econjl:v:119:y:2009:i:541:p:f442-f460. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Wiley-Blackwell Digital Licensing)or (Christopher F. Baum)
If references are entirely missing, you can add them using this form.