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A framework for the ex ante analysis of monetary reforms

Author

Listed:
  • Matt Sekerke
  • Steve Hanke

Abstract

Proposals for monetary reform based on inflation targeting, in Iraq and elsewhere, face a variety of practical and theoretical difficulties. In evaluating attempted reforms based on inflation targeting, we suggest some propositions broadly consistent with the new institutionalist critique. In particular, we stress the importance of recognizing path-dependent features of the economic system. An awareness of the reduced generality of theoretical results in light of institutional limitations, combined with an impossibility criterion for economic policy technologies, holds promise for designing a set of readily attainable reforms. We argue that these criteria, far from being esoteric, actually interact in a way that underpins foundational results in monetary theory due to James E. Meade and Robert A. Mundell.

Suggested Citation

  • Matt Sekerke & Steve Hanke, 2005. "A framework for the ex ante analysis of monetary reforms," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 8(2), pages 105-117.
  • Handle: RePEc:taf:jpolrf:v:8:y:2005:i:2:p:105-117
    DOI: 10.1080/13841280500086289
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    References listed on IDEAS

    as
    1. Barro, Robert J & Gordon, David B, 1983. "A Positive Theory of Monetary Policy in a Natural Rate Model," Journal of Political Economy, University of Chicago Press, vol. 91(4), pages 589-610, August.
    2. Siklos,Pierre L., 2006. "The Changing Face of Central Banking," Cambridge Books, Cambridge University Press, number 9780521034494, May.
    3. repec:mes:jeciss:v:30:y:1996:i:4:p:1212-1216 is not listed on IDEAS
    4. Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 473-491, June.
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