The widespread failure of central banks to control inflation
2023; Wiley; Volume: 43; Issue: 1 Linguagem: Inglês
10.1111/ecaf.12555
ISSN1468-0270
Autores Tópico(s)Monetary Policy and Economic Impact
ResumoEconomic AffairsVolume 43, Issue 1 p. 2-31 INSTITUTE OF INTERNATIONAL MONETARY RESEARCH PUBLIC LECTURE 2022 The widespread failure of central banks to control inflation Willem H Buiter, Corresponding Author Willem H Buiter [email protected] Independent economic advisor, USA Correspondence Email: [email protected]Search for more papers by this author Willem H Buiter, Corresponding Author Willem H Buiter [email protected] Independent economic advisor, USA Correspondence Email: [email protected]Search for more papers by this author First published: 15 March 2023 https://doi.org/10.1111/ecaf.12555 The IIMR's Public Lecture 2022 was delivered on 25 October 2022 at the Royal Automobile Club, London. Read the full textAboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onEmailFacebookTwitterLinkedInRedditWechat REFERENCES Anadu, K., Cipriani, M., & La Spada, G. (2022). The Money Market Mutual Fund Liquidity Facility. Discussion Paper DP17161. Centre for Economic Policy Research. https://doi.org/10.2139/ssrn.4155590 Bagehot, W. (1873). Lombard Street: A Description of the Money Market. Henry S. King & Co. Bahaj, S., & Reis, R. (2022). The Economics of Liquidity Lines Between Central Banks. Discussion Paper DP17122. Centre for Economic Policy Research. https://doi.org/10.1146/annurev-financial-111620-022146 Bernanke, B. (2015). The Taylor Rule: A Benchmark for Monetary Policy? Brookings Institution, 28 April. https://www.brookings.edu/blog/ben-bernanke/2015/04/28/the-taylor-rule-a-benchmark-for-monetary-policy/ (accessed 23 October 2022). Buiter, W. (2021a). Central Banks as Fiscal Players: The Drivers of Fiscal and Monetary Policy Space. Cambridge University Press. Buiter, W. (2021b). The Fed must abandon average inflation targeting. Financial Times, 14 November. Buiter, W. (2021c). Why the Fed Must Tighten. Jackson Hole Economics, 29 December. https://jheconomics.com/why-the-fed-must-tighten/ (accessed 23 October 2022). Buiter, W., & Sibert, A. (2008a). The Icelandic Banking Crisis and What to do About It: The Lender of Last Resort Theory of Optimal Currency Areas. Policy Insight No. 26. Centre for Economic Policy Research. Buiter, W., & Sibert, A. (2008b). The Collapse of Iceland's banks: The Predictable End of a Non-Viable Business Model. VoxEU, 30 October. Buiter, W., & Sibert, A. (2011). The Icelandic banking crisis and what to do about it: The lender of last resort theory of optimal currency areas. In R. Aliber & G. Zoega (Eds.), Preludes to the Icelandic Financial Crisis (pp. 241–275). Palgrave Macmillan. https://doi.org/10.1057/9780230307148_11 Conti-Brown, P. (2015). Misreading Walter Bagehot: What Lombard Street really means for central banking. The New Rambler Review, 14 December. https://newramblerreview.com/book-reviews/economics/misreading-walter-bagehot-what-lombard-street-really-means-for-central-banking#:~:text=It%20should%20simply%20follow%20Bagehot's,wrote%20it%20140%20years%20ago (accessed 23 October 2022). Cunliffe, J. (2022). Letter to Rt Hon Mel Stride MP, 5 October. https://committees.parliament.uk/publications/30136/documents/174584/default/ (accessed 20 October 2022). Federal Reserve Bank of New York. (2020). Measuring the Natural Rate of Interest. https://www.newyorkfed.org/research/policy/rstar (accessed 23 October 2022). Ferreira, K. & Marsh, C. (2022). The IMF's 2018 stand-by arrangement with Argentina: An ultra vires act? 10 January. Available at SSRN: https://ssrn.com/abstract=4004595 (accessed 23 October 2022). Fleming, M., & Ruela, F. (2020). Treasury market liquidity during the COVID-19 crisis. Liberty Street Economics, 17 April. Garbade, K., & Keane, F. (2020). Market function purchases by the Federal Reserve. Liberty Street Economics, 20 August. Goldberg, L., & Ravalazzo, F. (2022). The Fed's International Dollar Liquidity Facilities: New Evidence on Effects. Discussion Paper DP17233. Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=17233 (accessed 23 October 2022). Goodhart, C. (2022). The real cause of inflation. IAI news, 8 February. https://iai.tv/articles/the-real-cause-of-inflation-auid-2045 (accessed 23 October 2022). Goodhart, C., & Pradhan, M. (2020). The Great Demographic Reversal: Ageing Societies, Waning Inequality, and an Inflation Revival ( 1st ed.). Palgrave Macmillan. https://doi.org/10.1007/978-3-030-42657-6 Ha, J., Kose, M., & Ohnsorge, F. (2021). One-Stop Source: A Global Database of Inflation. Policy Research Working Paper 9737. World Bank. The link to the database is. www.worldbank.org/inflation-data, https://doi.org/10.1596/1813-9450-9737 Hanke, S. & Schuler, K. (2015). Currency Boards for Developing Countries: A Handbook (Revised Edition). https://sites.krieger.jhu.edu/iae/files/2017/06/Currency_Boards_for_Developing_Countries-1.pdf (accessed 23 October 2022). Holston, K., Laubach, T., & Williams, J. (2017). Measuring the natural rate of interest: International trends and determinants. Journal of International Economics, 108(supp. 1), S39–S75. https://doi.org/10.1016/j.jinteco.2017.01.004 IMF (International Monetary Fund). (2022a). Argentina: Staff Report for the 2022 Article IV Consultation and Request for an Extended Arrangement under the Extended Fund Facility – Press Release; Staff Report; and Staff Supplements. March. file:///C:/Users/Michael%20James/Downloads/1ARGEA2022001–1.pdf (accessed 23 October 2022). IMF. (2022b). Sri Lanka: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Sri Lanka. March. file:///C:/Users/Michael%20James/Downloads/1LKAEA2022001.pdf (accessed 23 October 2022). Lagarde, C. (2022). Monetary Policy in an Uncertain World. Speech at 'The ECB and Its Watchers XXII' conference, 17 March. Frankfurt am Main. https://www.ecb.europa.eu/press/key/date/2022/html/ecb.sp220317~9d2f052c92.en.html (accessed 23 October 2022). Laubach, T., & Williams, J. (2003). Measuring the natural rate of interest. The Review of Economics and Statistics, 85(4), 1063–1070. https://doi.org/10.1162/003465303772815934 Roberts, J. (2018). An Estimate of the Long-Term Neutral Rate of Interest. FEDS Notes, 5 September. Governors of the Federal Reserve System. https://www.federalreserve.gov/econres/notes/feds-notes/estimate-of-the-long-term-neutral-rate-of-interest-20180905.html (accessed 23 October 2022). https://doi.org/10.17016/2380-7172.2227 Schmelzing, P. (2020). Eight Centuries of Global Real Interest Rates, R-G, and the 'Suprasecular' Decline, 1311–2018. Staff Working Paper No. 845. Bank of England. https://www.bankofengland.co.uk/working-paper/2020/eight-centuries-of-global-real-interest-rates-r-g-and-the-suprasecular-decline-1311-2018 (accessed 23 October 2022). Taylor, J. (1993). Discretion versus policy rules in practice. Carnegie-Rochester Conference Series on Public Policy, 39, 195–214. https://doi.org/10.1016/0167-2231(93)90009-L Taylor, J. (1999). Introduction. In J. Taylor (Ed.), Monetary Policy Rules. University of Chicago Press. https://www.nber.org/system/files/chapters/c7412/c7412.pdf (accessed 23 October 2022), https://doi.org/10.7208/chicago/9780226791265.001.0001 Taylor, J. (2021). The Fed's state of exception. Project Syndicate, 12 August. https://www.project-syndicate.org/commentary/fed-interest-rate-policy-deviation-from-monetary-policy-rule-by-john-taylor-5-2021-08 (accessed 23 October 2022). Yardeni, E., & Quintana, M. (2022). Central Banks: Monthly Balance Sheets. Yardeni Research, Inc. https://www.yardeni.com/pub/peacockfedecbassets.pdf (accessed 23 October 2022). Volume43, Issue1February 2023Pages 2-31 ReferencesRelatedInformation
Referência(s)