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On the US post-'new economy' bubble: should asset prices be controlled?

In: The New Monetary Policy

Author

Listed:
  • Philip Arestis
  • Elias Karakitsos

Abstract

Beginning with an assessment of new thinking in macroeconomics and monetary theory, this book suggests that many countries have adopted the New Consensus Monetary Policy since the early 1990s in an attempt to reduce inflation to low levels. It goes on to illustrate that the explicit control of the money supply, which was fashionable in the 1970s and 1980s in the UK, US, Europe and elsewhere, was abandoned in favour of monetary rules that focus on interest rate manipulation by the central bank. The objective of these rules is to achieve specific, or a range of, inflation targets.

Suggested Citation

  • Philip Arestis & Elias Karakitsos, 2005. "On the US post-'new economy' bubble: should asset prices be controlled?," Chapters, in: Phillip Arestis & Michelle Baddeley & John S.L. McCombie (ed.), The New Monetary Policy, chapter 6, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:3536_6
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    Keywords

    Economics and Finance;

    Statistics

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