Monetary Regimes, Inflation and Monetary Reform

Michael Bordo and Lars Jonung ()

Chapter 9 in Inflation, Institutions and Information, 1996, pp 157-244 from Palgrave Macmillan

Abstract: Abstract Since the late 1970s Axel Leijonhufvud has written extensively on monetary regimes and their connection with nominal and real economic performance. Monetary regimes are important because they determine whether countries follow stable or unstable monetary policies and hence have stable or inflationary price levels. Each monetary regime is associated with a given set of inflationary expectations of the private sector and a pattern of policy reactions to these expectations by the monetary authorities. The state of the private sector’s expectations, specific to each regime, in turn greatly influences the response of real variables to monetary policy actions.

Keywords: Exchange Rate; Monetary Policy; Demand Shock; Monetary Authority; Supply Shock (search for similar items in EconPapers)
Date: 1996
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DOI: 10.1007/978-1-349-13521-9_9

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