Central Banks and Inflation: Where Do We Stand and How Did We Get Here?

DC FieldValueLanguage
dc.contributor.authorWhelan, Karl-
dc.date.accessioned2021-10-19T11:13:28Z-
dc.date.available2021-10-19T11:13:28Z-
dc.date.copyright2021 the Authoren_US
dc.date.issued2021-08-
dc.identifier.other202120-
dc.identifier.urihttp://hdl.handle.net/10197/12561-
dc.description.abstractThe inability of central banks to attain their target inflation rates in recent years has raised questions about the extent to which central banks can control the inflation process. This paper discusses the evolution of thought and evidence since the 1960s on the determinants of inflation and the role that should be played by central banks. The paper highlights the roles played by two streams of thought associated with Milton Friedman: Monetarist theories predicting a key role for monetary aggregates in determining inflation and the rise in popularity of the expectations-augmented Phillips curve. We discuss influence of the latter in determining the modern consensus on central bank institutions and the relative roles for fiscal and monetary policies. We conclude with a discussion of macroeconomic developments of the past decade and current policy options to stimulate the economy and restore inflation to its target levels, including the merits of “helicopter money”.en_US
dc.language.isoenen_US
dc.publisherUniversity College Dublin. School of Economicsen_US
dc.relation.ispartofseriesUCD Centre for Economic Research Working Paper Seriesen_US
dc.relation.ispartofseriesWP2021/20en_US
dc.subjectInflationen_US
dc.subjectCentral banksen_US
dc.subjectPhillips curveen_US
dc.subjectMilton Friedmanen_US
dc.subject.classificationE31en_US
dc.subject.classificationE52en_US
dc.subject.classificationE58en_US
dc.titleCentral Banks and Inflation: Where Do We Stand and How Did We Get Here?en_US
dc.typeWorking Paperen_US
dc.statusNot peer revieweden_US
dc.identifier.startpage1en_US
dc.identifier.endpage24en_US
dc.neeo.contributorWhelan|Karl|aut|-
dc.rights.licensehttps://creativecommons.org/licenses/by-nc-nd/3.0/ie/en_US
item.grantfulltextopen-
item.fulltextWith Fulltext-
Appears in Collections:Economics Working Papers & Policy Papers
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