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Central Banking, Monetary Theory and Practice

Essays in Honour of Charles Goodhart, Volume One

Edited by Paul Mizen

Celebrating the contribution that Charles Goodhart has made to monetary economics and policy, this unique compendium of original papers draws together a highly respected group of international academics, central bankers and financial market regulators covering a broad range of issues in modern monetary economics. Topics discussed include: central bank independence; credibility and transparency; the inflation forecast and the loss function; monetary policy experiences in the US and the UK; the implications of Goodhart’s Law; the benefits of single versus multiple currencies; and money, near monies and credit.
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Stanley Fischer


of ‘No money, no inflation’, ‘Central bank independence’ and ‘The use and meaning of words in central banking’ Stanley Fischer I am grateful for the opportunity to contribute, even in a small way, to this Festschrift tribute to Charles Goodhart. Charles has been both a policymaker and a major contributor to many of the key debates on monetary policy. His contributions are distinctive, reflecting his own way of thinking, not for the sake of being different, but because Charles is not content to accept ideas without thinking them through and putting them into a coherent overall framework. We have all learned much from his many contributions over the years, in areas highlighted in the chapters in this volume. Recently I have benefited particularly from his work on the role of the lender of last resort, some of it together with Haizhou Huang. And we have all on some occasion referred to Goodhart’s Law – a combination of the Lucas Policy Evaluation Critique and Murphy’s Law – that an empirical relationship will hold up until it is relied on for policy purposes. The chapters by Charles Freedman, Benjamin Friedman, and Mervyn King cover two broad issues on which I would like to comment: inflation targeting as a monetary policy framework, discussed by both Charles Freedman and Ben Friedman; and the role of money in monetary policy as currently practised, discussed by Mervyn King. 1. INFLATION TARGETING As Deputy Governor of one of the first central banks to adopt...

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