Milton Friedman’s 1968 lecture and RBNZ adding employment to mandate: Monetary policy comes full circle in 2018..

Here is my recent Mint piece where I argue how the year 2018 is significant for two developments in monetary economics.  First is the 50th anniversary of much celebrated Milton Friedman’s lecture titled “The role of monetary policy”. Second is the Reserve Bank of NZ adding employment to its price stability mandate.

Both the events are obviously connected as I explain in the piece. How RBNZ adding employment to its price stability objective is against Friedman’s advice given in 1968. Friedman argued a central bank should only focus on price stability and leave other objectives to polity.  So just like life, monetary policy and central banking also keeps going in circles…

One Response to “Milton Friedman’s 1968 lecture and RBNZ adding employment to mandate: Monetary policy comes full circle in 2018..”

  1. Arvind Mohan Says:

    Dear Mr Anmol,

    Banker’s Helpline publishes a weekly newsletter for Bankers relating to News an Banking and relation issues in Banking, Economics and Finance.Our Newsletter is subscribed to by serving as well as retired Bankers ranging from Clerical to Top Management Level.

    We feel that this article will be of interest to Bankers. We would be very thankful to you if you permit us to print the same in one of our forthcoming issues so as to share your thoughts with the Banking Community.

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    With Sincere Regards
    Arvind Mohan
    Bankers’s Helpline

    Kindly reply to care@bankershelpline.com

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