The New Governance in Monetary Policy: A Critical Appraisal of the Fed and the ECB

Edwin Heron

Chapter 9 in Aspects of Modern Monetary and Macroeconomic Policies, 2007, pp 146-171 from Palgrave Macmillan

Abstract: Abstract Over the course of the last fifty years, four monetary policy regimes succeeded each other. A particular view of governance corresponds to each monetary policy regime. First, until 1974, for the Keynesian regime founded on the Keynesian synthesis, the government exercised direct management of economic policy. During this time, monetary policy was only one element of the global policy and under the full discretion of the government.

Keywords: Interest Rate; Monetary Policy; Central Bank; Price Stability; Macroeconomic Policy (search for similar items in EconPapers)
Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-62734-5_9

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DOI: 10.1057/9780230627345_9

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