The Theory of Monetary Policy Under Wage Inflation

Louise Davidson

Chapter 10 in Money and Employment, 1990, pp 170-190 from Palgrave Macmillan

Abstract: Abstract Central bankers are a maligned lot. They are castigated for creating too much money and inflation, chided for too little money and unemployment, denounced as too committed to fixed exchange rates in the past, and flayed for being too receptive to floating exchange rates now. Judging from the brickbats they do practically everything wrong. Their wisdom is held in such low esteem that Professor Friedman would supplant them by a low-level clerk - of undoubted integrity to be sure - acting under strict instructions to augment the money supply by an abiding rule of 3 (or 4 or 5) per cent per annum. Discretion would be superseded; an inexorable rule would be mandated.

Keywords: Monetary Policy; Price Level; Money Supply; Full Employment; Cash Holding (search for similar items in EconPapers)
Date: 1990
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-11513-6_11

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DOI: 10.1007/978-1-349-11513-6_11

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