Orphanides, Athanasios, (2015), “Short-sighted monetary policy and fear of liftoff”, Voxeu, 11 Νοεμβρίου.
There is generally consensus among macroeconomists that monetary policy works best when it is systematic. Following the financial crisis, the Federal Reserve Bank of the US shifted from long-term, systematic policy to short-term goals targeting unemployment. This column argues that, while these were appropriate in the aftermath of the downturn, such policy accommodations have been pursued for too long since. The need for a somewhat accommodative policy cannot be used to defend the current non-systematic policy and excessive emphasis on short-term employment gains.
Σχετικές Αναρτήσεις
- Blanchard, Olivier, Cerutti, Eugenio, Summers, Lawrence, (2015), “Inflation and Activity – Two Explorations and their Monetary Policy Implications”, IMF Working Paper, WP/15/230, Νοέμβριος.
- Morley, Bruce, (2015), “Greece shows the flaws in pursuing a common monetary policy response to economic shocks across the EU”, LSE blog, 2 Σεπτεμβρίου.