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| Format: | Artículo científico |
| Language: | en |
| Published: |
Universidad Nacional Autónoma de México
2004
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| Online Access: | https://www.redalyc.org/articulo.oa?id=60124901 |
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Table of 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