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The evolution of monetary policy rules

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  • Sargent, Thomas J.

Abstract

This article examines the evolutionary forces involved in the development of monetary policy rules over time, considering in particular how these relate to proposals made by Milton Friedman and Walter Bagehot. The lines between money and credit and between monetary and fiscal policy are given special focus.

Suggested Citation

  • Sargent, Thomas J., 2014. "The evolution of monetary policy rules," Journal of Economic Dynamics and Control, Elsevier, vol. 49(C), pages 147-150.
    • Handle: RePEc:eee:dyncon:v:49:y:2014:i:c:p:147-150
    DOI: 10.1016/j.jedc.2014.09.021
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    References listed on IDEAS

    as
    1. Shultz, George P., 2014. "The importance of rules-based monetary policy in practice," Journal of Economic Dynamics and Control, Elsevier, vol. 49(C), pages 142-143.
    2. Bordo, Michael D., 2014. "Rules for a lender of last resort: An historical perspective," Journal of Economic Dynamics and Control, Elsevier, vol. 49(C), pages 126-134.
    3. Milton Friedman & Anna J. Schwartz, 1987. "Has Government Any Role in Money?," NBER Chapters, in: Money in Historical Perspective, pages 289-314, National Bureau of Economic Research, Inc.
    4. Schneider, Martin, 2014. "Redistribution effects of inflation," Journal of Economic Dynamics and Control, Elsevier, vol. 49(C), pages 49-51.
    5. Milton Friedman & L. J. Savage, 1948. "The Utility Analysis of Choices Involving Risk," Journal of Political Economy, University of Chicago Press, vol. 56(4), pages 279-279.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Chuku Chuku & Paul Middleditch, 2020. "Characterizing Monetary and Fiscal Policy Rules and Interactions when Commodity Prices Matter," Manchester School, University of Manchester, vol. 88(3), pages 373-404, June.
    2. Huberto M. Ennis, 2015. "Discussion on \"Scarcity of Safe Assets, Inflation, and the Policy Trap\" by Andolfatto and Williamson," Working Paper 15-3, Federal Reserve Bank of Richmond.
    3. Yao, Haixiang & Zhang, Weixuan & Wu, Zhouheng, 2024. "Monetary policy rule under rare events: With implications by digital finance development," Pacific-Basin Finance Journal, Elsevier, vol. 85(C).
    4. Kesavarajah Mayandy, 2019. "Monetary Policy Rules And Macroeconomic Stability: Evidence From Sri Lanka," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 22(4), pages 485-506, December.

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    More about this item

    Keywords

    Friedman 1948 rule; Friedman 1960 rule; Free banking; 100% reserve requirement;
    All these keywords.

    JEL classification:

    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General

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