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Myths of Monetary Policy

Author

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  • Stanley Fischer

    (Bank of Israel)

Abstract

I would like to address four interrelated topics, on which the central banking community has been known to pronounce: • the one instrument, one-target story about money and inflation; • the no-long-run tradeoff story that morphs into a no short-run tradeoff story; • the problem of the exchange rate for small, open economies; • and asset prices, financial stability and macro-prudential supervision.

Suggested Citation

  • Stanley Fischer, 2011. "Myths of Monetary Policy," Israel Economic Review, Bank of Israel, vol. 8(2), pages 1-5.
    • Handle: RePEc:boi:isrerv:v:8:y:2011:i:2:p:1-5
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