Book1873
Lombard Street
Walter Bagehot
In a panic, lend freely at a penalty rate against good collateral — the rule central banks still reach for a century and a half later.
about 5.5 hours to readlink checked 17 Sept 2026FreeIntermediate
Economics · Monetary Economics & Central Banking
Foundations & Overviews
A topic within Monetary Economics & Central Banking, itself one of 10 topics in that field and part of Economics.
Reading on Foundations & Overviews
22 works
Paper1977
Rules Rather than Discretion: The Inconsistency of Optimal Plans
Finn E. Kydland & Edward C. Prescott
A central bank that can revisit its policy each period will be tempted to renege on past promises, so even a well-intentioned discretionary policy delivers worse outcomes than a credible rule would.
19 pageslink checked 17 Sept 2026FreeAdvanced