What Monetary Policy after the Crisis
Bibliographic Data
| ID | 12229949 |
|---|---|
| Authors | Philip Arestis (0000-0001-8729-4846, University of the Basque Country, corresponding author), Mark Sawyer (0000-0002-4565-5276, University of Leeds) |
| Year | 2010 |
| Volume | 22 |
| Issue | 4 |
| Pages | 499-515 |
| Publication date | 2010-10-01 |
| Open Access | No |
| Type | ARTICLE |
| Venue | Review of Political Economy (JOURNAL) |
| Journal identifiers | ISSN: 0953-8259 • E-ISSN: 1465-3982 |
| Publisher | Taylor & Francis (PUBLISHER • GB) |
| DOI | 10.1080/09538259.2010.510313 |
| OpenAlex | W2111922302 |
| Language | EN |
| Citations received | 6 |
| References cited | 22 |
The objective of this paper is to reflect on some of the implications that recent economic experience has for monetary and financial stability policies. We contend that the financial crisis and the upsurge in inflation 2007-08 have shown that the policy model based on the new consensus in macroeconomics, which largely held sway over the past decade or more, is broken. It is argued that inflation targeting cannot deliver low inflation. We argue that fine-tuning through interest rates should not be attempted, but rather a constant real interest rate target based on the output growth rate should be adopted. The key objective of monetary policy should be shifted to financial stability, the independence of central banks should be brought to an end, and their decision making should be coordinated with other macroeconomic policy initiatives
Economic policy · Economics · Financial crisis · Keynesian economics · Macroeconomics · Monetary economics · Monetary policy · Economic Theory and Policy · Global Financial Crisis and Policies · Monetary Policy and Economic Impact
Reflections on Aspects of Macroeconomic Policies in the Spirit of Geoff Harcourt
Independence’ of Central Banks and the Political Economy of Monetary Policy
A Note on Krugman’s Liquidity Trap and Monetary Policy at the Zero Lower Bound
Learning from Japan
Negative Interest Rate Policy to Fight Secular Stagnation
Monetary Policy in the Post Keynesian Theoretical Framework
Discretion versus policy rules in practice
Rules, discretion and reputation in a model of monetary policy
New consensus macroeconomics and inflation targeting
Globalization or denationalization
Asset‐based reserve requirements
Capitalist Development in the Twentieth Century
Structural Change and Economic Growth
Rules Rather than Discretion
| Citations per year | 0.5 |
|---|---|
| Citation span | 2014 - 2023 (10) |
| Highly cited | No |