8. Monetary policy and financial stability according to New Keynesians: A brief history of the origins of the Jackson Hole Consensus (1976-2007)
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TexteLangue : français Détails de publication : 2022.
Sujet(s) : Ressources en ligne : Abrégé : The subprime financial crisis that began in 2007 has challenged the standard strategy of the integration of financial stability into the monetary policy-the so-called “Jackson Hole Consensus”. In order to address these issues, the article explores the origins of this strategy. We show that the beginnings of the Jackson Hole Consensus go back to the second half of the 1970s among New Keynesians. We also show that the limits of this strategy date from this period, that they are not just cyclical (that is, due to the period of the Great Moderation in the 1990s) but also structural.JEL Codes: B22; D82; E32; E44; E5; G01; G14
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The subprime financial crisis that began in 2007 has challenged the standard strategy of the integration of financial stability into the monetary policy-the so-called “Jackson Hole Consensus”. In order to address these issues, the article explores the origins of this strategy. We show that the beginnings of the Jackson Hole Consensus go back to the second half of the 1970s among New Keynesians. We also show that the limits of this strategy date from this period, that they are not just cyclical (that is, due to the period of the Great Moderation in the 1990s) but also structural.JEL Codes: B22; D82; E32; E44; E5; G01; G14
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