This paper offers a personal review of the current state of knowledge on monetary policy. In a nutshell, what Friedman knew-have survived, but that modern monetary policy departs in some important ways from older principles? The older wisdom that monetary policy determines inflation in the long run but can have systematic shorter run effects has survived a major challenge. Most of the new ideas stem from the recognition of the crucial role of expectations...
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INFORMATION
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2009/01/01
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Document de travail (série numérotée)
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57762
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1
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1
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2010/12/09
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Disclosed
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What do we know about monetary policy that Friedman did not know?
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monetary policy