A New Consensus on Monetary Policy
Bibliographic Data
| ID | 4369008 |
|---|---|
| Authors | Edwin Le Heron (0000-0002-7075-0005, Institut d’Études Politiques, France; French Association for the Development of Keynesian Studies, corresponding author) |
| Year | 2003 |
| Volume | 23 |
| Issue | 4 |
| Pages | 505-530 |
| Publication date | 2003-12-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Brazilian Journal of Political Economy (JOURNAL) |
| Journal identifiers | ISSN: 0101-3157 • E-ISSN: 1809-4538 |
| Publisher | FapUNIFESP (SciELO) (PUBLISHER) |
| DOI | 10.1590/0101-31572004-0605 |
| OpenAlex | W2115557387 |
| SCIELO_PID | S0101-31572003000400505 |
| Language | EN |
| Citations received | 1 |
| References cited | 4 |
By analyzing the documents issued by the Bank of Canada, an original monetary policy can be seen. The Canadian monetary policy tries to maintain its autonomy, whilst at the same time respecting floating exchange rates. The numerous innovations are the foundation of a New Consensus on monetary policy. Far from the dilemma rule versus discretion of the former Monetarist and Keynesian methods, a new dilemma will be the focus: that of credibility versus confidence. Here, the anticipations of the economic agents, the behavior of financial markets and the price of assets play a dominating role. Based on the innovative experiment of the Bank of Canada during the 1990s, the characteristics of the New Consensus will be explained. Far from making independent central banks some high-powered institutions, it shows them instead to be "statues with feet of clay
Credibility · Dilemma · Discretion · Economics · Interest rate · Macroeconomics · Monetarism · Monetary economics · Monetary hegemony · Monetary policy · Political science · Economic Theory and Policy · Global Financial Crisis and Policies · Law · Monetary Policy and Economic Impact
| Unique citing works | 1 |
|---|---|
| Citations per year | 0,05 |
| Citation span | 2007 - 2007 (1) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 1 |