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| Format: | Artículo científico |
| Sprache: | en |
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Universidad Nacional Autónoma de México
2004
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| Online-Zugang: | https://www.redalyc.org/articulo.oa?id=60124901 |
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| _version_ | 1866815604704411648 |
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| author | Edwin Le Heron |
| author_facet | Edwin Le Heron |
| contents | From the Canadian Experiment of the 1990s:A New Consensus on Monetary Policy Edwin Le Heron Economía y Finanzas By analyzing the documents issued by the Bank of Canada, a new, original,monetary policy begins to emerge. The Canadian monetary policy tries to maintainits autonomy, while at the same time respecting floating exchange rates. Thenumerous innovations are the foundations of a New Consensus on monetarypolicy. Far from the dilemma of rule versus discretion of the former Monetaristand Keynesian methods, a new dilemma will be the focal point, that of credibilityversus confidence. Here, the anticipations of the economic agents, the behaviorof financial markets and the price of assets play a dominant role. Based on the innovative experiment of the Bank of Canada during the 1990s, the characteristicsof the New Consensus is explained. Far from making independent central bankssome high-powered institutions, it shows them instead to be statues with feet ofclay. 2004 artículo científico 0185-1667 https://www.redalyc.org/articulo.oa?id=60124901 en http://www.redalyc.org/revista.oa?id=601 Investigación Económica application/pdf Universidad Nacional Autónoma de México Investigación Económica (México) Num.249 Vol.LXIII |
| format | Artículo científico |
| id | redalyc_60124901 |
| language | en |
| publishDate | 2004 |
| publisher | Universidad Nacional Autónoma de México |
| spellingShingle | From the Canadian Experiment of the 1990s:A New Consensus on Monetary Policy Edwin Le Heron Economía y Finanzas From the Canadian Experiment of the 1990s:A New Consensus on Monetary Policy Edwin Le Heron Economía y Finanzas By analyzing the documents issued by the Bank of Canada, a new, original,monetary policy begins to emerge. The Canadian monetary policy tries to maintainits autonomy, while at the same time respecting floating exchange rates. Thenumerous innovations are the foundations of a New Consensus on monetarypolicy. Far from the dilemma of rule versus discretion of the former Monetaristand Keynesian methods, a new dilemma will be the focal point, that of credibilityversus confidence. Here, the anticipations of the economic agents, the behaviorof financial markets and the price of assets play a dominant role. Based on the innovative experiment of the Bank of Canada during the 1990s, the characteristicsof the New Consensus is explained. Far from making independent central bankssome high-powered institutions, it shows them instead to be statues with feet ofclay. 2004 artículo científico 0185-1667 https://www.redalyc.org/articulo.oa?id=60124901 en http://www.redalyc.org/revista.oa?id=601 Investigación Económica application/pdf Universidad Nacional Autónoma de México Investigación Económica (México) Num.249 Vol.LXIII |
| title | From the Canadian Experiment of the 1990s:A New Consensus on Monetary Policy |
| topic | Economía y Finanzas |
| url | https://www.redalyc.org/articulo.oa?id=60124901 |