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Reforming monetary policy for a normal future

In: After Brexit, What Next?

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Abstract

We set out new work on how monetary policy can, once it recovers effectiveness, more effectively target Nominal GDP than simply inflation, in the context of n economy where price-setting durations vary in response to inflation. Such a new central bank targeting set-up, backed up by a fiscal commitment to prevent a Zero Lower Bound, will deliver a much more stable economy, making the whole programme of direct control of bank balance sheets and ‘prudential’ intervention redundant. Under this monetary policy the economy should behave more like it did under the gold standard, with prices achieving long run stability, and output avoiding large cyclical swings.

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  • ., 2020. "Reforming monetary policy for a normal future," Chapters, in: After Brexit, What Next?, chapter 6, pages 119-126, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:19568_6
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    File URL: https://www.elgaronline.com/view/9781839103063.00012.xml
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    Cited by:

    1. Katarzyna Kocur-Bera & Anna Lyjak, 2021. "Analysis of Changes in Agricultural Use of Land After Poland’s Accession to the EU," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 517-533.
    2. Knuepfer, K. & Rogalski, N. & Knuepfer, A. & Esteban, M. & Shibayama, T., 2022. "A reliable energy system for Japan with merit order dispatch, high variable renewable share and no nuclear power," Applied Energy, Elsevier, vol. 328(C).

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