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The Theory of Monetary Policy Under Wage Inflation

In: Money and Employment

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  • Louise Davidson

Abstract

Central bankers are a maligned lot. They are castigated for creating too much money and inflation, chided for too little money and unemployment, denounced as too committed to fixed exchange rates in the past, and flayed for being too receptive to floating exchange rates now. Judging from the brickbats they do practically everything wrong. Their wisdom is held in such low esteem that Professor Friedman would supplant them by a low-level clerk - of undoubted integrity to be sure - acting under strict instructions to augment the money supply by an abiding rule of 3 (or 4 or 5) per cent per annum. Discretion would be superseded; an inexorable rule would be mandated.

Suggested Citation

  • Louise Davidson, 1990. "The Theory of Monetary Policy Under Wage Inflation," Palgrave Macmillan Books, in: Louise Davidson (ed.), Money and Employment, chapter 10, pages 170-190, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-11513-6_11
    DOI: 10.1007/978-1-349-11513-6_11
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