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The Relative Responsibilities of Governments and Central Banks in Controlling Aggregate Demand

In: Inflation

Author

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  • M. W. Holtrop

    (The Netherlands Bank)

Abstract

The subject assigned to me at this Round Table is ‘the relative responsibilities of governments and Central Banks in controlling inflation’.1 I do not know whether or not the wording implies that these two authorities are supposed to be able between them to control the inflationary process. If so, there would be nothing left to do but to assign to each its proper share of this responsibility. If not, the question arises who else has a part in it and how much is really left to the two parties mentioned. As I believe that neither from a general nor certainly from a national point of view can responsibility for inflation be wholly attributed to governments and Central Banks, it will be useful first of all to discuss the somewhat wider problem of the general responsibility for the inflationary process.

Suggested Citation

  • M. W. Holtrop, 1962. "The Relative Responsibilities of Governments and Central Banks in Controlling Aggregate Demand," International Economic Association Series, in: Douglas C. Hague (ed.), Inflation, chapter 0, pages 198-217, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-08455-5_13
    DOI: 10.1007/978-1-349-08455-5_13
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