Monetary Targeting: The International Experience
AbstractThis paper examines the experience of nine industrial countries with monetary targeting. The paper suggests that monetary targets were adopted as a tactical response to a particular economic situation, not as monetary rules. Other objectives were given precedence over targets when thought desirable. Most countries changed the targeted aggregate, and two dropped targets altogether. While inflation fell in most countries, the extent to which this was due to the pursuit of monetary targets is unclear. The place of monetary aggregates in many countries now appears to be as one among a number of indicators considered by the authorities in the setting of monetary policy. Copyright 1990 by The Economic Society of Australia.
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Bibliographic InfoArticle provided by The Economic Society of Australia in its journal The Economic Record.
Volume (Year): 66 (1990)
Issue (Month): 192 (March)
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- Gruen, David & Pagan, Adrian & Thompson, Christopher, 1999.
"The Phillips curve in Australia,"
Journal of Monetary Economics,
Elsevier, vol. 44(2), pages 223-258, October.
- Chandarath Amarasekara & George Bratsiotis, 2009.
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- Hanna Samaryna & Jakob de Haan, 2011. "Right on Target: Exploring the Determinants of Inflation Targeting Adoption," DNB Working Papers 321, Netherlands Central Bank, Research Department.
- José I. García de Paso, 1993. "Monetary announcements and monetary policy credibility," Investigaciones Economicas, Fundación SEPI, vol. 17(3), pages 551-567, September.
- Hasan Ersel & Lerzan Iskenderoglu, 1990. "Monetary Programming in Turkey," Discussion Papers 9006, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
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