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A framework for the ex ante analysis of monetary reforms

  • Matt Sekerke
  • Steve Hanke
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    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.

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    File URL: http://www.tandfonline.com/doi/abs/10.1080/13841280500086289
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    Article provided by Taylor & Francis Journals in its journal Journal of Economic Policy Reform.

    Volume (Year): 8 (2005)
    Issue (Month): 2 ()
    Pages: 105-117

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    Handle: RePEc:taf:jpolrf:v:8:y:2005:i:2:p:105-117
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    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. repec:cup:cbooks:9780521780254 is not listed on IDEAS
    3. 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 473-91, June.
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