 The Objectives for, and Conduct of, Monetary Policy in the 1990s (1992)C. A. E. Goodhart
Chapter 10 in The Central Bank and the Financial System, 1995, pp 216-235 from Palgrave Macmillan Abstract: Abstract In contrast to the previous two decades, there is presently, at the outset of the 1990s, a considerable degree of consensus about the appropriate objectives and functions for a central bank in the conduct of macro monetary policy. During the late 1960s and 1970s there was a ferment of discussion about theoretical aspects of monetary policy, with conflict between the various schools of Monetarists and Keynesians. The decisive battle in that conflict was won by the Monetarists with the general acceptance that there was no medium- or longer-term trade-off between inflation and output growth, and that expectations, if not perhaps as fully informed as some theoreticians might propose, would at least not be subject to systematic error. Hence the medium- and longer-term Phillips curves were vertical, and the appropriate medium-term financial strategy for any monetary authority was to reduce inflation steadily towards the achievement of price stability; though the optimal dynamic path to price stability was, and remains, a contentious subject, to which I shall revert. Keywords: Interest Rate; Monetary Policy; Central Bank; Real Interest Rate; European Central Bank (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-37915-2_10 Ordering information: This item can be ordered from Access Statistics for this chapter More chapters in Palgrave Macmillan Books from Palgrave Macmillan |
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