The early development of monetary policy rules: The view from Geneva in the 1920s

• 成果类型: Article
• 署名作者: Endres, AM; Fleming, GA
• 署名单位: Australian National University; Department of Commerce Australia; University of Auckland
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/S0304-3932(98)00022-1
• 发表日期: 1998
• 页码: 375-386
• 关键词: Monetary policy rules; targeting

摘要

The research programme developed by economists at the ILO in the 1920s constitutes a substantive precursor to modern discussions on the role of monetary policy and the status of the price stability norm in particular. A combination of theory and empirical work formed the basis of a monetary approach to the business cycle developed in Geneva. The proposed policy of price level stabilisation presumed that an elastic target of price stability was a necessary condition for (eventual) high and stable employment. The instruments, indicator variables and 'rules' of the proposed regime are examined. The Geneva economists founded their arguments on, among other things, politically independent but internationally collaborative central banks, and consistent use of a range of data sources in the conduct of monetary policy. over time the reputation and credibility of monetary authorities would then be enhanced. In the evolution of the monetary policy 'rules' versus 'discretion' debate, the contribution of the Geneva economists should be accorded a central place. (C) 1998 Elsevier Science B.V. All rights reserved.