Monetary policy on interest rates: a retrospective analysis since Thornton

Sylvie Diatkine

The European Journal of the History of Economic Thought, 2013, vol. 20, issue 5, 715-740

Abstract: In response to the affirmation by certain authors and critics of a recent return to an interest-rate policy that, in their opinion, resembles a throwback to the nineteenth century theory of monetary policy on interest rates, I pose the question of the difficulties of interest-rate policy in a retrospective analysis beginning with the current that founded the short-term interest rate policy within classical analysis and by focusing my discussion on several key authors (Thornton, Banking School, Bagehot, Wicksell, Keynes, contemporary authors such as Woodford). To this end, I study the importance that the interbank money market plays for these authors, which determines the target rate for the central bank.

Date: 2013
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DOI: 10.1080/09672567.2011.653881

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