Discussion - John Murray
نویسنده
چکیده
Professor Goodhart has written a thoughtful and interesting paper on the conduct of monetary policy at the Bank of England. He uses a unique database, containing the inflation and output forecasts of the Monetary Policy Committee (MPC), to examine the Committee’s behaviour over the past five years and to test a number of intriguing hypotheses. The descriptive nature of the paper provides a useful complement to the theoretical analysis presented by Lars Svensson, and offers a real-world example of how central bank actions might be conditioned by the prospect of low-probability extreme events (see Lars Svensson, this volume). Most important for our purposes here today, however, is that Professor Goodhart’s paper reflects the sort of practical and insightful research that has characterized so much of Chuck Freedman’s work over the past 30 years. Chuck has always been concerned not just with the theory of monetary policy but with its everyday application. In this, he and Professor Goodhart are kindred spirits.
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It has not been too long since we realized that Joseph Murray (1919-2012) has passed away while we heard this sad news 2 weeks ago. We never forget his memories and trip for the first time on 14th November 1974to Iran. He returned to our country one more time later to share his experiences with the country specialists. It is a great sorrow that he did not see our progress in plastic and reconst...
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