The Formulation of Monetary Policy A Reassessment in the Light of Recent Experience
This paper reassesses, in the light of recent experience, the formulation of monetary policy in terms of targets for monetary aggregates in the major countries. A number of difficulties which have arisen are discussed: instability of the money-income relationship; constraints created by fiscal imbal...
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| Format: | eBook |
| Language: | English |
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Paris
OECD Publishing
1986
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| Series: | OECD Economics Department Working Papers
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| Collection: | OECD Books and Papers - Collection details see MPG.ReNa |
| Summary: | This paper reassesses, in the light of recent experience, the formulation of monetary policy in terms of targets for monetary aggregates in the major countries. A number of difficulties which have arisen are discussed: instability of the money-income relationship; constraints created by fiscal imbalances; exchange rate variability, as well as debt problems and threats to banks' solvency. The responses of monetary authorities to these difficulties are described and some possible options for the formulation of monetary policy in the future are considered (including nominal income and exchange rate targeting) .. |
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| Physical Description: | 44 p. 21 x 29.7cm |