backward-lookingness
English
Etymology
Noun
backward-lookingness (uncountable)
- the quality or state of being backward-looking
- 1999, Nicoletta Batini & Andrew Haldane, Forward-Looking Rules for Monetary Policy, in: John B. Taylor (ed.), Monetary Policy Rules, University of Chicago Press, →ISBN, p. 158
- In a sense, forward-looking monetary policy is acting, in a second-best fashion, to counter a backward-looking externality elsewhere in the economy. It is interesting to explore this notion further by considering the trade-off between the degree of backward-lookingness on the part of the private sector in the course of their wage bargaining and the degree of forward-lookingness on the part of the central bank in the course of its interest rate setting.
- 1999, Nicoletta Batini & Andrew Haldane, Forward-Looking Rules for Monetary Policy, in: John B. Taylor (ed.), Monetary Policy Rules, University of Chicago Press, →ISBN, p. 158
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