TOWARDS A MORE NEUTRAL MONETARY POLICY: PROPOSAL OF A NOMINAL INCOME RULE1

Most central banks follow either an implicit or explicit inflation target. Many leading economists promote an active role for central banks in pursuit of that target. In this article it is shown how that strategy does not necessarily lead to a neutral monetary policy and, therefore, to the smooth wo...

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Veröffentlicht in:	Economic affairs (Harlow) 2005-12, Vol.25 (4), p.61-67
1. Verfasser:	Fernandez, Juan E. Castaneda
Format:	Artikel
Sprache:	eng
Schlagworte:	Central banks Monetary policy
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description	Most central banks follow either an implicit or explicit inflation target. Many leading economists promote an active role for central banks in pursuit of that target. In this article it is shown how that strategy does not necessarily lead to a neutral monetary policy and, therefore, to the smooth working of markets in the long run. Accordingly, it proposes a nominal income rule that removes monetary disturbances from the economy.
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subjects	Central banks Monetary policy
title	TOWARDS A MORE NEUTRAL MONETARY POLICY: PROPOSAL OF A NOMINAL INCOME RULE1
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