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- W4353044691 abstract "Since the 2007/8 financial crisis, central banks have been waking up to new realities concerning both the limitations of conventional policies, and the impact conventional and unconventional policies may have. Strict adherence to inflation targeting, which has been around since the early 1990s, started to wane, as some central banks started to adopt either dual mandates, or a looser version of inflation targeting. In this chapter, we identify the fundamental arguments that support this ‘old model’ of central banking, and argue that a ‘new model’ is emerging. The ‘old model’ is based on monetarist principles, such as the belief that central banks exert control over the growth of monetary aggregates, that the money multiplier is at the core of the transmission mechanism, that the natural rate of interest is a relevant variable for policy, that money and inflation are linked and that money is neutral in the long run. The ‘new model’ abandons the emphasis on monetary aggregates and the money multiplier story, and discuss themes such as the distributive impacts of monetary policy, the use of monetary policy to tackle climate change, and gender issues." @default.
- W4353044691 created "2023-03-23" @default.
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- W4353044691 date "2023-03-17" @default.
- W4353044691 modified "2023-09-28" @default.
- W4353044691 title "Introduction to Central Banking, Monetary Policy and Income Distribution" @default.
- W4353044691 doi "https://doi.org/10.4337/9781800371934.00007" @default.
- W4353044691 hasPublicationYear "2023" @default.
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