Current consensus in monetary policy: between art and science
Keywords:
monetary policy, scientific principles, econometric models, artAbstract
The member of the Board of Governors of the Federal Reserve of the United States, Frederick S. Mishkin, analyzes in his article the results reached by monetary policy after its huge development in recent decades. Mishkin presents a set of scientific principles that over
the years have reinforced the consensus of economists. At the same time, the author considers the effectiveness of such principles in the light of various econometric models. However, it is not possible to say that monetary policy is reduced to the automatic application of these principles. Certain aspects of its implementation can not be explained or deduced scientifically. Mishkin concludes that in the management of monetary policy there are always elements of art, beyond basic principles whose relevance is not called into question.
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