Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/54268
Authors: 
Arestis, Philip
Sawyer, Malcolm
Year of Publication: 
2003
Series/Report no.: 
Public policy brief // Jerome Levy Economics Institute of Bard College 71
Abstract: 
Central bankers and many economists have abandoned activist policies and monetarism and adopted in their place a new view of the role of monetary policy. This view draws on many of the tenets of more traditional theories of money - monetarism's emphasis on inflation control and skepticism about the use of easy-money policies to permanently increase output, and the Keynesian view that the total stock of money is not an important driving force behind either inflation or unemployment - yet it also takes a dim view of democratic input to the policymaking process. This brief evaluates a premise subscribed to by most central bankers: that monetary policy can be effectively used to control inflation without any permanent sacrifice in the form of reduced income or job opportunities.
ISBN: 
1931493162
Document Type: 
Research Report

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