Distinguished Lecture on Economics in Government: What Central Bankers Could Learn from Academics--and Vice Versa

Academic writing about monetary policy has been useful to practical central bankers, but more of (certain aspects of) the economists' way of thinking could profitably be imported. On the other hand, academics could improve their analysis, and make it more useful to policymakers, if they would p...

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Bibliographic Details
Published in:The Journal of economic perspectives 1997-04, Vol.11 (2), p.3-19
Main Author: Blinder, Alan S.
Format: Article
Language:English
Subjects:
Academic learning
Central banking
Central banks
Economic forecasting models
Economic models
Economic policy
Inflation rates
Macroeconomic modeling
Monetary policy
Unemployment
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Summary:Academic writing about monetary policy has been useful to practical central bankers, but more of (certain aspects of) the economists' way of thinking could profitably be imported. On the other hand, academics could improve their analysis, and make it more useful to policymakers, if they would pay more attention to certain ‘real-world’ aspects of monetary policy. The author draws on his experience at the Federal Reserve Board to point out a number of specific lessons for each side.
ISSN:0895-3309
DOI:10.1257/jep.11.2.3