Are the Macro Econometrics Models of the Federal Reserve Board, the Bank of Canada, and the Sveriges Riksbank consistent with the New Consensus Macroeconomics Model?

Jerome Creel and Giuseppe Fontana

Chapter 1 in Macroeconomics, Finance and Money, 2010, pp 3-18 from Palgrave Macmillan

Abstract: Abstract On the 131st anniversary of the birth of Winston Churchill in November 2005, a conference was held in the Cabinet War Rooms of the Churchill Museum, next to HM Treasury in London. The conference was sponsored by the Government Economic Service (GES) and HM Treasury, and it had the captivating title ‘Is There a New Consensus in Macroeconomics’. Philip Arestis (with the help of Andrew Ross of the GES) was the main organizer of the conference. In his typical working style, he then collected the conference contributions in a Palgrave Macmillan book with the same title published early in 2007. Philip, Andrew Ross, and the contributors to the conference, which included among others Charles Bean, current deputy governor at the Bank of England, and William Poole, former chief executive of the Federal Reserve Bank of St Louis, had no doubts that ‘there is now a new macroeconomic consensus in the sense that there is today a level of agreement among economists on macro issues not seen since the late 1960s/early 1970s’ (Arestis, 2007, p. 3).

Keywords: Interest Rate; Monetary Policy; Central Bank; European Central Bank; Phillips Curve (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-28558-3_1

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DOI: 10.1057/9780230285583_1

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