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Progress and ConfusionThe State of Macroeconomic Policy$
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Olivier Blanchard, Raghuram G. Rajan, Kenneth S. Rogoff, and Lawrence H. Summers

Print publication date: 2016

Print ISBN-13: 9780262034623

Published to MIT Press Scholarship Online: January 2017

DOI: 10.7551/mitpress/9780262034623.001.0001

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PRINTED FROM MIT PRESS SCHOLARSHIP ONLINE (www.mitpress.universitypressscholarship.com). (c) Copyright The MIT Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in MITSO for personal use.date: 20 September 2021

Remarks on the Future of Monetary Policy

Remarks on the Future of Monetary Policy

(p.155) 16 Remarks on the Future of Monetary Policy
Progress and Confusion

Gill Marcus

The MIT Press

The chapter discusses issues related to the future of monetary policy. It argues that the crisis forced central banks to take extraordinary actions and an ever-expanding mandate, which raises important issues of accountability and independence. The chapter also reviews the relation between monetary policy, macroprudential policy and financial stability, and argues that the distinction between the two types of policy is not always clear cut, for example in the case of foreign exchange market interventions. The chapter concludes with a discussion of spillovers from monetary policy in advanced economies, and argues that there are no definitive answer on how should emerging market economies respond.

Keywords:   monetary policy, central bank independence, financial stability, foreign exchange market intervention, spillovers

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