Economic Ideas, the Monetary Order and the Uneasy Case for Policy Rules

David Laidler
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David Laidler: University of Western Ontario, https://economics.uwo.ca

No 20164, University of Western Ontario, Departmental Research Report Series from University of Western Ontario, Department of Economics

Abstract: The problems posed by monetary policy cannot be dealt with by legislating enduring policy rules. With the passage of time, economic understanding does not systematically converge ever more closely on a “true” model of the economy, a process which is now sufficiently far along that our current ideas can form the basis for designing such measures. Rather, economic ideas evolve unsteadily and unpredictably and disagreement about them is routine. They influence the behaviour of the economy and they are influenced by it as they develop, requiring policy principles to adapt as well. Monetary policy thus poses problems that cannot be solved once and for all, but must be coped with continuously.

Keywords: Monetary Policy; Rules versus Discretion; Gold Standard; Revolutions in Macroeconomics (search for similar items in EconPapers)
JEL-codes: B1 B2 E5 (search for similar items in EconPapers)
Date: 2016
New Economics Papers: this item is included in nep-hpe, nep-mac, nep-mon, nep-sog and nep-upt
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