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Monetary policy in the new information economy: old problems and new challenges

In: The New Monetary Policy

Author

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  • Michelle Baddeley
  • Giuseppe Fontana

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

  • Michelle Baddeley & Giuseppe Fontana, 2005. "Monetary policy in the new information economy: old problems and new challenges," Chapters, in: Phillip Arestis & Michelle Baddeley & John S.L. McCombie (ed.), The New Monetary Policy, chapter 7, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:3536_7
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    Cited by:

    1. Michal Jurek & Pawel Marszalek, 2015. "Policy alternatives for the relationship between ECB monetary and financial policies and new member states," Working papers wpaper112, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.

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    Keywords

    Economics and Finance;

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