The global financial crisis has pushed central banks to broaden and heavily exploit their monetary toolkits as well as to find new instruments for the more delicate financial stability domain. One weapon in the arsenal, forward guidance, had be put to good use on the monetary policy field as central bankers strived to tame markets, buy time for reforms and persuade the public of the existence of a light at the end of the tunnel.

20 December 2016 marked the 165th anniversary of Johan Gustav Knut Wicksell’s birth. One of the world’s most prominent economists. But, in all probability, the most underrated one as well, as some argue, myself included. His work is important for understanding both inflation and monetary issues and public finance-related matters. There are, however, two enormous contributions that Wicksell has made to the economic research method and that, to my knowledge, no one has highlighted so far.

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