![]() This article addressed an apparent paradox. Twenty years ago, the former Governor of the Bank of England (and now Lord) King published an article in the Bank’s Quarterly Bulletin entitled ‘No money, no inflation – The role of money in the economy’. While monetarism remains unfashionable in academic and central banking circles, perhaps it has contributed more to the past, present and potential future of monetary policy than we conventionally admit. In asking a similar question about monetarism – or perhaps, more precisely, a question about the role of monetary quantities in the design, conduct, transmission and presentation of monetary policy – I seek to explore whether a similar conclusion can be drawn. To incite rebellion against their Roman rulers during the time of empire, the rebel leader – played by John Cleese – asks the question: ‘What have the Romans ever done for us?’, only to be met by a long and impressive list of achievements and contributions made by the Romans to the quality of life. But to avoid any mis-understanding, I thought I should clarify from the outset that the title is an allusion to a famous sketch from one of the Money Python films. I understand that Monty Python was (and is) very popular in Germany. After a series of outstanding presentations of very high quality research papers, I am afraid that I will lower the tone somewhat by bringing more of a policy orientation to the discussion.īut it is also a nod to the Pythonesque title assigned to my remarks. In part, this is intended to signal a change of pace. I am tempted to start my remarks with the phrase: ‘And now for something completely different …’. My thanks are due to the organisers, especially Professors Feld, Krause and Moellers, and to the sponsoring institutions, the Stiftung Geld and Waehrung and the Walter Eucken Institut, for their invitation and hospitality. It is a great pleasure to be here in Freiburg to attend this excellent and topical conference. News and publications Open News and publications sub menu.Option-implied probability density functions Gross Domestic Product Real-Time Database The PRA’s statutory powers and enforcement Money Markets Committee and UK Money Markets Code ![]() Greening our Corporate Bond Purchase Scheme (CBPS) Operational resilience of the financial sector Financial market infrastructure supervision
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