LE HÉRON, Edwin

doi:10.1590/S0101-31572006000400002

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LE HÉRON, Edwin
CERVL - Pouvoir, Action publique, Territoire

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Revista de economia politica/Brazilian journal of political economy. 2006-11, vol. 26, n° 4, p. 502-518

Centro de Economia Política

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To evaluate the Greenspan era, we nevertheless need to address three questions: Is his success due to talent or just luck? Does he have a system of monetary policy or is he himself the system? What will be his legacy? Greenspan was certainly lucky, but he was also clairvoyant. Above all, he has developed a profoundly original monetary policy. His confidence strategy is clearly opposed to the credibility strategy developed in central banks and the academic milieu after 1980, but also inflation targeting, which today constitutes the mainstream monetary policy regime. The question of his legacy seems more nuanced. However, Greenspan will remain 'for a considerable period of time' a highly heterodox and original central banker. His political vision, his perception of an uncertain world, his pragmatism and his openness form the structure of a powerful alternative system, the confidence strategy, which will leave its mark on the history of monetary policy.< Réduire

Mots clés en anglais

fedspeak

uncertainty

Taylor rule

Monetary policy

credibility

confidence

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Alan Greenspan, The Confidence Strategy

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