Richard Shelby, New Keynesian

Arnold Kling

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According to the WSJ's Andrew Ackerman,

The top Republican on the Senate Banking Committee said Thursday he would urge the Federal Reserve to pursue an explicit inflation target, in the face of renewed interest in the idea.

This is exactly what many of the leading academic macroeconomists of the younger generation have said would be the right way to conduct monetary policy. My guess is that they will now wish to re-think their position. How can a self-respecting New Keynesian be caught on the same side of the debate as Senator Shelby?

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CATEGORIES: Monetary Policy

COMMENTS (5 to date)

Latest Comment

B writes:

I read about explicit inflation targeting when it was still underground. Now it has sold out and gone mainstream. Uncool, man.

Posted June 24, 2011 12:03 AM

Alex Godofsky writes:

No self-respecting macroeconomist would advocate an inflation target over a price level target!

Posted June 24, 2011 12:26 AM

Mattheus von Guttenberg writes:

Is the inflation target 0%?

Posted June 24, 2011 12:52 AM

Charlie writes:

If we add in, catch up inflation as a goal, I'm on board, and so is Michael Woodford.

http://everydayecon.wordpress.com/2010/10/15/why-couldnt-woodford-be-vice-chair-of-the-fed/

Posted June 24, 2011 11:01 PM

Nicholas writes:

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Posted June 28, 2011 1:19 PM

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