Central bank independence and inflation targeting: Monetary policy paradigms for the next millennium?

New England Economic Review

Volumn , Issue 1, 1997, Pages 18-

  Fuhrer, Jeffrey C ^a  

^a NONE

Author keywords

[No Author keywords available]

Indexed keywords

EID: 0040832736     PISSN: 00284726     EISSN: None     Source Type: Journal    
DOI: None     Document Type: Article

References (21)

1. Alesina, Alberto and Lawrence Summers. 1993. "Central Bank Independence and Macroeconomic Performance: Some Comparative Evidence." Journal of Money, Credit and Banking, vol. 25, no. 2, pp. 151-162.
2. Bade, Robert and Michael Parkin. 1982. "Central Bank Laws and Monetary Policy." Unpublished manuscript, Department of Economics, University of Western Ontario.
3. Ball, Laurence. 1994. "What Determines the Sacrifice Ratio?" In N. Gregory Mankiw, ed., Monetary Policy, pp. 155-93. Chicago: The University of Chicago Press.
4. Barro, Robert and David Gordon. 1983. "A Positive Theory of Monetary Policy in a Natural Rate Model," Journal of Political Economy, vol. 91, pp. 589-610.
5. Bleaney, Michael. 1996. "Central Bank Independence, Wage-Bargaining Structure, and Macroeconomic performance in OECD Countries." Oxford Economic Papers, vol. 48, pp. 20-38.
6. Cukierman, Alex. 1992. Central Bank Strategy, Credibility, and Independence: Theory and Evidence. Cambridge, MA: The MIT Press.
7. Debelle, Guy. 1996. "The End of Three Small Inflations: Australia, New Zealand and Canada." Canadian Public Policy-Analyse de Politiques, vol. 22, pp. 56-78.
8. Debelle, Guy and Stanley Fischer. 1994. "How Independent Should a Central Bank Be?" In Jeffrey Fuhrer, editor, Goals, Guidelines, and Constraints Facing Monetary Policymakers, pp. 195-221. Federal Reserve Bank of Boston Conference Series No. 38.
9. Fischer, Stanley. 1996. "Why Are Central Banks Pursuing Long-Run Price Stability?", Working Paper, prepared for Federal Reserve Bank of Kansas City Symposium, Achieving Price Stability, Jackson Hole, Wyoming, August 29-31.
10. Fuhrer, Jeffrey C. 1994. "Inflation-Output Variance Trade-offs and Optimal Monetary Policy." FRB Boston Working Paper No. 94-2. Forthcoming in Journal of Money, Credit and Banking, May 1997.
11. Hall, Robert E. 1994. "Discussion." In Jeffrey Fuhrer, editor, Goals, Guidelines, and Constraints Facing Monetary Policymakers, pp. 222-28. Federal Reserve Bank of Boston Conference Series No. 38.
12. Kydland, Finn and Edward Prescott. 1977. "Rules Rather than Discretion: the Inconsistency of Optimal Plans." Journal of Political Economy, vol. 85, pp. 473-92.
13. Mankiw, N. Gregory. 1988. "Recent Developments in Macroeconomics: A Very Quick Refresher Course." Journal of Money, Credit and Banking, vol. 20, pp. 436-49.
14. McCallum, Bennett. 1995. "Two Fallacies Concerning Central Bank Independence." The American Economic Review, Papers and Proceedings, vol. 85, no. 2 (May), pp. 207-11.
15. Rogoff, Kenneth. 1985. "The Optimal Degree of Commitment to an Intermediate Monetary Target." Quarterly Journal of Economics, vol. 100, pp. 1169-90.
16. Taylor, John B. 1992. "The Great Inflation, The Great Disinflation, and Policies for Future Price Stability." In Adrian Blundell-Wignall, ed., Inflation, Disinflation and Monetary Policy. London: Ambassador Press Pty. Ltd.
17. _. 1993. "Discretion Versus Policy Rules in Practice." Carnegie-Rochester Conference Series on Public Policy, vol. 39, pp. 195-214.
18. _. 1994. "The Inflation/Output Variability Trade-off Revisited." In Jeffrey Fuhrer, editor, Goals, Guidelines, and Constraints Facing Monetary Policymakers, pp. 21-38. Federal Reserve Bank of Boston Conference Series No. 38.
19. Tootell, Geoffrey M. B. 1996. "Whose Monetary Policy Is It, Anyway?" Mimeo, Federal Reserve Bank of Boston, November.
20. Treaty on European Union (Maastricht Treaty) 1992. Title II: Provisions Amending the Treaty Establishing the European Economic Community with a View to Establishing the European Community.
21. Walsh, Carl E. 1995. "Optimal Contracts for Central Bankers." The American Economic Review, vol. 85, no. 1 (March), pp. 150-67.