What should cenral banks do: Post-keynesian interest rate rules post-crisis
•Notion that central banks control the money supply is losing its appeal; •Rather, central banks control the rate of interest – an administered price; •Long the domain of post-Keynesians (Keynes, 1941-1946; Robinson, Kaldor, Moore) and heterodox economists, it is now filtering into the mainstream; •...
Guardado en:
| Autor principal: | |
|---|---|
| Formato: | Ponencia/Presentación en Jornada, Congreso PeerReviewed |
| Publicado: |
2011
|
| Materias: | |
| Acceso en línea: | http://ru.iiec.unam.mx/158/1/XI.Rochon.pdf http://biblioteca.clacso.edu.ar/gsdl/cgi-bin/library.cgi?a=d&c=mx/mx-030&d=158oai |
| Aporte de: |
| Sumario: | •Notion that central banks control the
money supply is losing its appeal;
•Rather, central banks control the rate
of interest – an administered price;
•Long the domain of post-Keynesians
(Keynes, 1941-1946; Robinson,
Kaldor, Moore) and heterodox
economists, it is now filtering into the
mainstream;
•Ben Friedman:
•Two emerging approaches in PK
literature regarding interest rules,
what I labeled elsewhere the ‘activist’
and the ‘parking-it’ (or benchmark)
approaches |
|---|