Monetarism is dead! Central bankers are all Wicksellians now! They
target low inflation rates, with no regard to monetary aggregates
whatsoever, by acting upon short-term real rates of interest. This
is the New Consensus in monetary economics, or simply the New
Keynesian Synthesis. Yet, this synthesis still hinges on variants
of the long-run vertical Phillips curve originally proposed by
Milton Friedman, the father of old-line monetarism. Contributors to
the volume question this New Consensus. While they agree that the
money supply should be conceived as endogenous, they carefully
examine the procedures pursued by central banks, the monetary
policy transmission mechanisms suggested by central bankers
themselves, and the assumptions imbedded in the New Consensus. They
propose alternative analyses that clearly demonstrate the limits of
modern central banking and point to the possible instability of
monetary economies. Heterodox and orthodox monetary macroeconomists
alike will find this illuminating book of great interest.
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