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Inflation targeting and central bank independence: we are all Keynesians now! or are we?

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  • MALCOLM SAWYER

Abstract

A number of countries have adopted inflation targeting since the early 1990s in an attempt to reduce inflation to low levels. A number of its ingredients can be found in Keynes, especially that of central bank independence. Is it then the case that we are all Keynesians now? The main theoretical ingredients of inflation targeting appear to be very different from Keynes's ideas on central banking and its policy objectives. Regrettably, we may not all be Keynesians after all, or not yet!

Suggested Citation

  • Malcolm Sawyer, 2006. "Inflation targeting and central bank independence: we are all Keynesians now! or are we?," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 28(4), pages 639-652.
    • Handle: RePEc:mes:postke:v:28:y:2006:i:4:p:639-652
    DOI: 10.2753/PKE0160-3477280406
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    Cited by:

    1. Ayadi, Felix & Ojo, Marianne, 2013. "Central bank independence: monetary policies in selected jurisdictions (II)," MPRA Paper 45684, University Library of Munich, Germany.
    2. Eckhard Hein & Christian Schoder, 2011. "Interest rates, distribution and capital accumulation -- A post-Kaleckian perspective on the US and Germany," International Review of Applied Economics, Taylor & Francis Journals, vol. 25(6), pages 693-723, November.
    3. Eckhard Hein & Engelbert Stockhammer, 2010. "Macroeconomic Policy Mix, Employment and Inflation in a Post-Keynesian Alternative to the New Consensus Model," Review of Political Economy, Taylor & Francis Journals, vol. 22(3), pages 317-354.
    4. Carlos Carrasco & Jesus Ferreiro, 2013. "Inflation targeting in Mexico," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 35(3), pages 341-372.
    5. Carlo Panico & Marco Piccioni, 2016. "Keynes on Central Bank Independence," STUDI ECONOMICI, FrancoAngeli Editore, vol. 2016(118-119-1), pages 190-216.
    6. Víctor I. Espinosa & Miguel A. Alonso-Neira & Jesús Huerta de Soto, 2023. "The Ethics of Fractional-Reserve Banking System: A Private Property Rights Approach," Economies, MDPI, vol. 11(9), pages 1-15, August.

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