Buiter, Willem H. (2000) The new economy and the old monetary economics. Bank of England Quarterly Bulletin, 40 (2). pp. 173-183. ISSN 0005-5166
Full text not available from this repository.Abstract
In this speech,(1) Willem H Buiter, member of the Bank’s Monetary Policy Committee,(2) argues that the behaviour in recent years of the world economy, led by the United States, can, in the opinion of a number of observers, only be understood by abandoning the old conventional wisdoms and adopting a ‘New Paradigm’. Prominent among the structural transformations associated with the New Paradigm are the following: increasing openness; financial innovation; lower global inflation; lower profit margins, reflecting stronger competitive pressures; buoyant stock markets defying conventional valuation methods; a lower natural rate of unemployment; and a higher trend rate of growth of productivity. In this speech, Professor Buiter makes two distinct points. First, the New Paradigm has been over-hyped. Second, to the extent that we can see a New Paradigm in action, its implications for monetary policy have often been misunderstood.
| Item Type: | Article |
|---|---|
| Official URL: | http://www.bankofengland.co.uk/publications/Pages/... |
| Additional Information: | © 2000 Bank of England |
| Divisions: | European Institute |
| Subjects: | H Social Sciences > HB Economic Theory |
| Date Deposited: | 21 Nov 2008 16:02 |
| Last Modified: | 11 Dec 2024 22:13 |
| URI: | http://eprints.lse.ac.uk/id/eprint/16881 |
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