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A Keynesian Approach to the Credibility of Monetary Policy

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  • Gilberto de Assis Libânio

Abstract

The traditional perspective on credibility follows the new classical position on the“rules vs. discretion” debate. i.e., it is argued that credibility is obtained if, and only if, themonetary authority is kept away from discretionary policies (“tied hands”). This, however,depends on the hypothesis of the new classical doctrine and may not be valid in models thatopen the possibility of multiple equilibria. This paper tries to discuss the question of credibilityunder the lights of the post-Keynesian model, offering an alternative to the mainstreamview about this theme. JEL Classification: E52; E58.

Suggested Citation

  • Gilberto de Assis Libânio, 2000. "A Keynesian Approach to the Credibility of Monetary Policy," Brazilian Journal of Political Economy, Center of Political Economy, vol. 20(4), pages 431-445.
    • Handle: RePEc:ekm:repojs:v:20:y:2000:i:4:p:431-445:id:1037
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    More about this item

    Keywords

    Monetary policy; post-Keynesianism; credibility;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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