Hostname: page-component-cd9895bd7-8ctnn Total loading time: 0 Render date: 2024-12-22T18:09:23.154Z Has data issue: false hasContentIssue false
  • English
  • Français

Whatever Became of the Monetary Aggregates?

Published online by Cambridge University Press:  26 March 2020

Charles Goodhart
Get access Rights & Permissions [Opens in a new window]

Extract

My title intentionally harks back to Maurice Peston's slim, but excellent, 1980 book, entitled Whatever Happened to Macro-economics. In this book, a compilation of three lectures, Maurice asks how much then remained of traditional Keynesian macroeconomics in the aftermath of the monetarist counter-revolution, and of the development of Lucasian rational expectations. Maurice was much more impressed by the new contributions of the rational expectations school than he was of those by the more traditional monetarists.

Type
Articles
Information
National Institute Economic Review , Volume 200 , 01 April 2007 , pp. 56 - 61
Copyright
Copyright © 2007 National Institute of Economic and Social Research

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

Footnotes

Adapted from the Peston Lecture in honour of Maurice, Lord Peston, delivered at Queen Mary College, London, on 28 February, 2007.

References

Gali, J. (2006), Discussion of ‘Money and Monetary Policy: the ECB Experience 1999–2006’, by Fischer, B., Lenza, M., Pill, H. and Reichlin, L., presented at the Fourth ECB Central Banking Conference, ‘The Role of Money: Money and Monetary Policy in the Twenty-First Century’, November 9/10.Google Scholar
Gerlach, S. (2003), ‘The ECB's two pillars’, CEPR Discussion Paper, 3689.Google Scholar
Gerlach, S.(2004), ‘The two pillars of the European Central Bank’, Economic Policy, 40, pp. 389–439.Google Scholar
Goodhart, C.A.E. (2005), ‘The Monetary Policy Committee's reaction function: an exercise in estimation’, Berkeley Electronic Press, Topics in Macroeconomics (5), http://www.bepress.com/cgi/viewcontent.cgi?article=1240&context=bejm.CrossRefGoogle Scholar
Issing, O. (2002), ‘Monetary policy in a changing economic environment’, in Rethinking Monetary Policy, a Symposium organised by the Federal Reserve Bank of Kansas City.Google Scholar
Issing, O. (2005), ‘Monetary policy and asset prices’, in Schwerpunktthermen und Serien, Börsen-Zeitung and Barclays Capital booklet, (Verlag Börsenzeitung).Google Scholar
McCallum, B. (2001), ‘Monetary policy analysis in models without money’, Federal Reserve Bank of St Louis Review, 83 (4), July/August, pp. 145–60.Google Scholar
Nier, E. and Zicchino, L. (2006), ‘Bank weakness, loan supply and monetary policy’, Bank of England, Work in Progress, (September 5).Google Scholar
Peston, M. (1980), Whatever Happened to Macro-economics?, Manchester University Press.Google Scholar
Uhlig, H. (2006), Discussion of ‘How Important is Money in the Conduct of Monetary Policy?’, by Woodford, M., presented at the Fourth ECB Central Banking Conference, ‘The Role of Money: Money and Monetary Policy in the Twenty-First Century’, November 9/10.Google Scholar
Woodford, M. (2003), Interest & Prices, Princeton, N.J., Princeton University Press.Google Scholar
Woodford, M. (2006), ‘How Important is Money in the Conduct of Monetary Policy?’, presented at the Fourth ECB Central Banking Conference, ‘The Role of Money: Money and Monetary Policy in the Twenty-First Century’, November 9/10.CrossRefGoogle Scholar