 Alan Greenspan, the confidence strategyBrazilian Journal of Political Economy, 2006, vol. 26, issue 4, 502-517 Abstract: To evaluate the Greenspan era, we nevertheless need to address three questions: Is his success due to talent or just luck? Does he have a system of monetary policy or is he himself the system? What will be his legacy? Greenspan was certainly lucky, but he was also clairvoyant. Above all, he has developed a profoundly original monetary policy. His confidence strategy is clearly opposed to the credibility strategy developed in central banks and the academic milieu after 1980, but also inflation targeting, which today constitutes the mainstream monetary policy regime. The question of his legacy seems more nuanced. However, Greenspan will remain ‘for a considerable period of time’ a highly heterodox and original central banker. His political vision, his perception of an uncertain world, his pragmatism and his openness form the structure of a powerful alternative system, the confidence strategy, which will leave its mark on the history of monetary policy. JEL Classification: E42, E50, E52, E58, E61, E65, N12. Keywords: Monetary policy; credibility; confidence; fedspeak; uncertainty; Taylor rule (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:ekm:repojs:v:26:y:2006:i:4:p:502-517:id:612 Access Statistics for this article More articles in Brazilian Journal of Political Economy from Center of Political Economy |
Is your work missing from RePEc? Here is how to contribute.
Questions or problems? Check the EconPapers FAQ or send mail to .
EconPapers is hosted by the
School of Business at Örebro University.