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Central banking in the modern world : alternative perspectives

Lavoie, Marc (ed.); Seccareccia, Mario (ed.) - 2004

Monetarism is dead! Central bankers are all Wicksellians now! They target low inflation rates, with no regard to monetary aggregates whatsoever, by acting upon short-term real rates of interest. This is the New Consensus in monetary economics, or simply the New Keynesian Synthesis. Yet, this...