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Goodhart's Law: Its Origins, Meaning and Implications for Monetary Policy.
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Goodhart's Law: Its Origins, Meaning and Implications for Monetary Policy By K. Alec Chrystal (City University Business School, London) and Paul D. Mizen (University of Nottingham) Prepared for the Festschrift in honour of Charles Goodhart to be held on 15-16 November 2001 at the Bank of England. We are grateful for comments and suggestions from Christopher Allsopp, Michael Artis, Forrest Capie, Charles Goodhart, Andy Mullineux, Simon Price, Daniel Thornton, Peter Westaway and Geoffrey Wood. 12 November 2001 1. Introduction Many distinguished economists have their name associated with some theory, concept or tool in economics. Obvious examples include: Giffen goods, the Pigou effect, Nash equilibrium, the Coase theorem, the Phillips curve, the Rybczynski and Stolper-Samuelson theorems, Ricardian equivalence, the Engle curve, the Edgeworth-Bowley box, Tobin's q, and the Lucas critique. However, very few economists are honoured by having their name associated with a "law". Charles Goodhart joins Sir Thomas Gresham, Leon Walras, and Jean-Baptiste Say in a very...
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