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The Anguish of Central Banking

In: Money and the Economy: Central Bankers’ Views

Author

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  • Arthur F. Burns

Abstract

The international monetary system, which has been in almost constant turmoil during the 1970s, benefited towards the end of the decade from several developments. Under the amended Articles of Agreement, the International Monetary Fund can exercise firm surveillance over the exchange-rate policies of its members, and is therefore now in a position to move the nations of the world toward a rule of law in international monetary affairs. Another promising development was the establishment of the European Monetary System with the aim of maintaining relatively stable exchange rates within the Common Market.

Suggested Citation

  • Arthur F. Burns, 1987. "The Anguish of Central Banking," Palgrave Macmillan Books, in: Pierluigi Ciocca (ed.), Money and the Economy: Central Bankers’ Views, chapter 7, pages 147-166, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-07927-8_8
    DOI: 10.1007/978-1-349-07927-8_8
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    Citations

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    Cited by:

    1. Allan H. Meltzer, 2006. "From Inflation to More Inflation, Disinflation, and Low Inflation," American Economic Review, American Economic Association, vol. 96(2), pages 185-188, May.
    2. Christopher A. Sims & Tao Zha, 2006. "Were There Regime Switches in U.S. Monetary Policy?," American Economic Review, American Economic Association, vol. 96(1), pages 54-81, March.
    3. Lakdawala, Aeimit, 2016. "Changes in Federal Reserve preferences," Journal of Economic Dynamics and Control, Elsevier, vol. 70(C), pages 124-143.
    4. Sharon Kozicki & Peter A. Tinsley, 2005. "Perhaps the FOMC did what it said it did : an alternative interpretation of the Great Inflation," Research Working Paper RWP 05-04, Federal Reserve Bank of Kansas City.
    5. Qureshi, Irfan, 2016. "Monetarism, Indeterminacy and the Great Inflation," The Warwick Economics Research Paper Series (TWERPS) 1123, University of Warwick, Department of Economics.
    6. Michael Keaney, 2022. "Book Review: Capital and Time: For a New Critique of Neoliberal Reason," Review of Radical Political Economics, Union for Radical Political Economics, vol. 54(1), pages 129-132, March.

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