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The credibility of monetary policy from a New Keynesian perspective

Author

Listed:
  • Loisel, O.

Abstract

The New Keynesian reference framework highlights the role played by expectations in the transmission of monetary policy. The article presents the main credibility problems that are likely to arise, illustrated by the experience of various central banks.

Suggested Citation

  • Loisel, O., 2007. "The credibility of monetary policy from a New Keynesian perspective," Quarterly selection of articles - Bulletin de la Banque de France, Banque de France, issue 07, pages 5-21, Spring.
    • Handle: RePEc:bfr:quarte:2007:07:01
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    More about this item

    Keywords

    monetary policy credibility; private agents’ expectations; New Keynesian model; inflation bias; stabilisation bias; self-fulfilling expectations.;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination

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