Central banks: The monetary-policy maze  

Oleh:

The Economist

Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 391 no. 8628 (Apr. 2009), page 65.
Topik: Central Banks; Monetary Policy; Financial Crisis; Interest Rate; Price Stability

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: EE29.54 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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IN THE world that existed before the financial crisis, central bankers were triumphant. They had defeated inflation and tamed the business cycle. And they had developed a powerful intellectual consensus on how to do their job, summarised recently by David Blanchflower, a member of the Bank of England’s monetary policy committee, as “one tool, one target”. The tool was the short-term interest rate, the target was price stability. This minimalist formula fitted the laissez-faire temper of the times. A growing array of financial markets could price risk and allocate credit efficiently. Central bankers had merely to calibrate their interest-rate tools and all other markets would automatically adjust. Central banks still cared about financial stability and full employment, but could argue these were best served by stabilising prices—without, if you please, interference from politicians.

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