Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/277081 
Year of Publication: 
2006
Citation: 
[Journal:] Intervention. Zeitschrift fuer Ökonomie / Journal of Economics [ISSN:] 2195-3376 [Volume:] 03 [Issue:] 2 [Year:] 2006 [Pages:] 263-278
Publisher: 
Metropolis-Verlag, Marburg
Abstract: 
One of the greatest achievements of the modern 'New Consensus' view in macroeconomics is the assertion of a non-quantity-theoretic approach to monetary policy. Leading theoricians and practitioners of this view have indeed rejected the quantity theory of money, and defended a return to the old Wicksellian idea of eliminating high levels of inflation by adjusting nominal interest rates to changes in the price level. This paper evaluates these recent developments in the theory and practice of monetary policy in terms of two basic questions, namely what is the monetary policy instrument controlled by the central bank, and which macroeconomic variables are affected in the short and long run by monetary policy.
Subjects: 
Wicksell
monetary policy
New Consensus
endogenous money
JEL: 
E5
E52
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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