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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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Charles Bean


of ‘The inflation forecast and the loss function’, ‘Six practical views of central bank transparency’ and ‘The phases of US monetary policy’ Charles Bean First let me say what a very great pleasure it is to be present at this celebration of Charles’s distinguished career. Others before me have lauded his contribution to economic thought and to central banking, so I would like to the opportunity to praise his contribution to the life of the economics department at the London School of Economics where Charles and I were colleagues for getting on for two decades. Academics can be a pretty selfcentred bunch, but when I was a junior member of the department he always went out of his way to ask me how I was getting on and how my research was progressing. Such generosity of spirit is rare in life, and even rarer in academia. Marvin Goodfriend has provided an excellent and compact survey of the events and challenges facing US monetary policymakers in the Greenspan era. The two most interesting periods and observations relate to the period of pre-emptive action against inflation (February 1994 to February 1995) and the ‘Long Boom’ (January 1996 to May 1999). The earlier period saw official rates raised as the US economy recovered from recession, while the long bond rate stabilised at around 6 per cent. Talk of the ‘Death of Inflation’ might have been comforting from the perspective of keeping inflation expectations down and wage demands in...

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