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dc.contributor.authorWray, L. Randallen
dc.date.accessioned2010-05-14T11:08:47Z-
dc.date.available2010-05-14T11:08:47Z-
dc.date.issued2007-
dc.identifier.urihttp://hdl.handle.net/10419/31564-
dc.description.abstractThis paper addresses three issues surrounding monetary policy formation: policy independence, choice of operating targets, and rules versus discretion. According to the New Monetary Consensus, the central bank needs policy independence to build credibility; the operating target is the overnight interbank lending rate, and the ultimate goal is price stability. This paper provides an alternative view, arguing that an effective central bank cannot be independent as conventionally defined, where effectiveness is indicated by ability to hit an overnight nominal interest rate target. Discretionary policy is rejected, as are conventional views of the central bank's ability to achieve traditional goals such as robust growth, low inflation, and high employment. Thus, the paper returns to Keynes's call for low interest rates and euthanasia of the rentier.en
dc.language.isoengen
dc.publisher|aLevy Economics Institute of Bard College |cAnnandale-on-Hudson, NYen
dc.relation.ispartofseries|aWorking Paper |x510en
dc.subject.jelE12en
dc.subject.jelE31en
dc.subject.jelE43en
dc.subject.jelE52en
dc.subject.jelE61en
dc.subject.ddc330en
dc.subject.keywordCentral Bank Independenceen
dc.subject.keywordInterest Rate Determinationen
dc.subject.keywordReal versus Nominal Ratesen
dc.subject.keywordInterest Rate Targetsen
dc.subject.keywordRules versus Discretionen
dc.titleA post-Keynesian view of central bank independence, policy targets, and the rules-versus-discretion debate-
dc.typeWorking Paperen
dc.identifier.ppn571698786en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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