On the Real Effects of Monetary Policy
AbstractThis paper is an attempt to provide an updated assessment of what we know and what do not know about the impact of monetary policy on the economy and what implications follow for the conduct of monetary policy in today's world. Firstly, we discuss the conditions under which monetary policy can be expected to affect the economy, both over the medium term and the short term, and review the most policy-relevant empirical results, providing some new evidence. Secondly, we analyze the implications that the empirical regularities have for the practical conduct of monetary policy.
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Bibliographic InfoPaper provided by Banco de Espa�a in its series Banco de Espa�a Working Papers with number 9917.
Length: 43 pages
Date of creation: 1999
Date of revision:
MONETARY POLICY ; MACROECONOMICS;
Find related papers by JEL classification:
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
- E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
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- Laurent Bouscharain, 2001. "Quelle convergence des règles de politique monétaire en Europe avant l’euro ?," Économie et Prévision, Programme National Persée, Programme National Persée, vol. 147(1), pages 159-169.
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