We use cookies to distinguish you from other users and to provide you with a better experience on our websites. Close this message to accept cookies or find out how to manage your cookie settings.
To save content items to your account,
please confirm that you agree to abide by our usage policies.
If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account.
Find out more about saving content to .
To save content items to your Kindle, first ensure coreplatform@cambridge.org
is added to your Approved Personal Document E-mail List under your Personal Document Settings
on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part
of your Kindle email address below.
Find out more about saving to your Kindle.
Note you can select to save to either the @free.kindle.com or @kindle.com variations.
‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi.
‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.
It's always a pleasure to read a paper by Charles Goodhart, who brings a unique blend of academic rigor and originality, frontline experience, and plain common sense to his musings on central banking. Goodhart points out that the controlling consensus for monetary policy is that it should be focused on achieving and maintaining price stability over time. Both economic theory and experience indicate that prolonged deviations from reasonable price stability—in either direction—can have serious negative implications for economic performance.
Goodhart highlights a number of issues that arise in implementing policy within this framework. I'm not going to comment directly on Goodhart's paper. Rather, reading the paper sparked my own musings on some areas that might benefit from further research, and I thought that with the Federal Reserve Bank of Cleveland launching its Central Bank Institute, this might be an opportune moment for such a discussion. There is considerable overlap between Goodhart's topics and my own; in large measure he was my inspiration, though in some cases we come at the same subject from different angles. I call this comment “Whither Central Banking Research?” Obviously, my list is not a complete research agenda; rather, it covers four topics that have caught my attention in my work with the Federal Reserve, reinforced in some cases by my experience at the Bank of England.
Recommend this
Email your librarian or administrator to recommend adding this to your organisation's collection.