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The lessons of the 1970s
Further considerations regarding the role of money
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achieve Allan Meltzer anchor approach assessment asset prices Blinder bubble Bundesbank causes of inﬂation challenge conduct of monetary credible commitment currency deﬁnition deﬂation difﬁcult discussion dynamic inconsistency Edmund Phelps Edmund Phelps Columbia euro European Central Bank Eurosystem evolution of monetary exchange rate factors Federal Reserve ﬁnally ﬁnancial markets ﬁnancial stability ﬁnancing ﬁxed ﬂawed theory framework Frank Packer goal Guillermo Ortiz horizon identiﬁed ignore important independence inﬂation expectations inﬂation targeting inﬂationary inﬂuence interest rates lnﬂation low inﬂation macroeconomic maintaining price stability mandate medium-term Meltzer models monetarists monetary analysis monetary growth monetary pillar monetary policy decisions monetary policy strategy monetary policymaking monetary stability monetary targeting money and credit money growth national central banks Otmar lssing Paper title policy regime price stability private agents projections rational expectations real economy recession reference value reﬂect relevant search of monetary September 2008 shocks speciﬁc Sveriges Riksbank Tito Mboweni transmission mechanism uncertainty