Myths of Monetary Policy

Stanley Fischer
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Stanley Fischer: Bank of Israel

Israel Economic Review, 2011, vol. 8, issue 2, 1-5

Abstract: I would like to address four interrelated topics, on which the central banking community has been known to pronounce: • the one instrument, one-target story about money and inflation; • the no-long-run tradeoff story that morphs into a no short-run tradeoff story; • the problem of the exchange rate for small, open economies; • and asset prices, financial stability and macro-prudential supervision.

Date: 2011
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