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Monetary Targeting: The International Experience

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  • Argy, Victor
  • Brennan, Anthony
  • Stevens, Glenn
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    Abstract

    This 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 Info

    Article provided by The Economic Society of Australia in its journal The Economic Record.

    Volume (Year): 66 (1990)
    Issue (Month): 192 (March)
    Pages: 37-62

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    Handle: RePEc:bla:ecorec:v:66:y:1990:i:192:p:37-62

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    Cited by:
    1. Brooks, Robert D. & Faff, Robert W. & Yew, Kee Ho, 1997. "A new test of the relationship between regulatory change in financial markets and the stability of beta risk of depository institutions," Journal of Banking & Finance, Elsevier, vol. 21(2), pages 197-219, February.
    2. José I. García de Paso, 1993. "Monetary announcements and monetary policy credibility," Investigaciones Economicas, Fundación SEPI, vol. 17(3), pages 551-567, September.
    3. David Gruen & Adrian Pagan & Christopher Thompson, 1999. "The Phillips Curve in Australia," RBA Research Discussion Papers rdp1999-01, Reserve Bank of Australia.
    4. 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.
    5. 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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