An ultra-Keyniesian model, 303. — A Friedman model, 310. — Comparisons of timing implications, 314.

There are long, (and often variable), lags between a change in interest rates and its effect on real output and inflation. Hence policy should be based on forecasts, (King 2000). So the eventual out-turn, e.g. for output and inflation, is a complex combination of the skills of the forecaster, the response of the policy-makers to those forecasts (and to their other, possibly private, sources of information), and the impact of shocks, some of which will have been unforeseen at the time of the forecast. The aim of this paper is to make a start at disentangling this mixture in the particular case of the Bank of England, and thereby to seek to assess the skills of the forecasters, the adequacy of the response of the monetary authorities, and the time path of disturbances to the auto-regressive structure of the economy.

/pdf/an-essay-on-the-interactions-between-the-bank-of-england-s-3ged3s339m.pdf

Money and Income: Post Hoc Ergo Propter Hoc?

An Essay on the interactions between the Bank of England's forecasts, the MPC's policy adjustments, and the eventual outcome

Financial intermediation, monetary policy, and equilibrium business cycles

Effects of Monetary Changes on the Price Level and Output in the U.S. Agricultural Sector

Monetary Policy in the Euro Area: The single monetary policy in 1999

La influencia que Milton Friedman ha ejercido en la profesion economica es enorme Si bien en parte su exito se debio a las fuerzas politicas que han hecho del neoliberalismo la ideologia dominante a escala mundial, tambien las dirigio y contribuyo a ellas El triunfo profesional de Friedman es testimonio de las debiles bases intelectuales de la profesion economica que acepta ideas que son conceptual e intelectualmente inconsistentes Su triunfo ha llevado a que la economia retroceda hacia el prekeynesianismo y haya expulsado de la academia al keynesianismo El pensamiento de Friedman tambien enmarca la asi llamada economia neokeynesiana, que simplemente es nueva macroeconomia clasica a la que se agrego la competencia imperfecta y las rigideces nominales Al permitir la afirmacion de que la macroeconomia esta plenamente caracterizada por una division entre nuevo keynesianismo y nueva macroeconomia clasica, la primera cierra la pinza que excluye al viejo keynesianismo Mientras dicha pinza no se abra, la economia permanecera a la sombra de Friedman

http://www.scielo.org.mx/pdf/ineco/v73n288/v73n288a1.pdf

Economía y economía política de friedman: una crítica desde el viejo keynesianismo

/pdf/money-and-income-post-hoc-ergo-propter-hoc-39vuxwlb5p.pdf

Money and Income: Post Hoc Ergo Propter Hoc?

Citations

An Essay on the interactions between the Bank of England's forecasts, the MPC's policy adjustments, and the eventual outcome

Financial intermediation, monetary policy, and equilibrium business cycles

Effects of Monetary Changes on the Price Level and Output in the U.S. Agricultural Sector

Monetary Policy in the Euro Area: The single monetary policy in 1999

Economía y economía política de friedman: una crítica desde el viejo keynesianismo

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