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Monetary Policy Today: Sixteen Questions and about Twelve Answers (2006)
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@MISC{Blinder06monetarypolicy,
author = {Alan S. Blinder},
title = {Monetary Policy Today: Sixteen Questions and about Twelve Answers},
year = {2006}
}
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Abstract
There have been three great inventions since the beginning of time: fire, the wheel, and central banking,-- Will Rogers Victorians heard with grave attention that the Bank Rate had been raised. They did not know what it meant. But they knew that it was an act of extreme wisdom. John Kenneth Galbraith My assignment is to survey the main questions swirling around monetary policy today. I emphasize three words in this sentence, each for a different reason. “Main ” is because one person’s side issue is another’s main issue. So I had to be both selective and judgmental in compiling my list, else this paper would have been even longer than it is. “Policy ” indicates that I have restricted myself to issues that are truly relevant to real-world policymakers, thus omitting many interesting but purely academic issues. “Today ” means that I focus on current issues, thus passing over some illustrious past issues. All these omissions still leave a rather long list; so I will treat some issues quite briefly. I have compiled a list like this once before. In December 1999, at what I
Keyphrases
monetary policy today sixteen question twelve answer bank rate illustrious past issue long list person side issue current issue main issue real-world policymakers academic issue extreme wisdom john kenneth galbraith assignment grave attention rogers victorian great invention central banking main question different reason
