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| Tekijä: | Bean, C. |
| Otsikko: | 'The meaning of internal balance' thirty years on |
| Lehti: | Economic Journal
2009 : NOV, VOL. 119:541, p. 442-460 |
| Asiasana: | econometric models monetary policy international trade balance of payments demand inflation price level pay |
| Kieli: | eng |
| Tiivistelmä: | In his Nobel Prize lecture, Meade advocated allocating demand management policies to pursuing price stability, reformed wage-fixing institutions to achieving full employment and foreign exchange policies to maintaining balance of payments equilibrium. Yet, with respect to the first, he vindicated a target for nominal income rather than the price level. This article explores Meade's programme with the benefit of hindsight and experience with inflation targets. Also discussed are some issues related with the application of flexible inflation targets, and the extent to which financial stability considerations ought to affect the conduct of monetary policy, as well. |
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