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Does Monetary Policy Play Effective Role in Controlling Inflation in Pakistan

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Author Info
Qayyum, Abdul

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Abstract

This paper presented the salient features of current Monetary Policy and its effectiveness to control inflation in Pakistan. The monetary authority was successful in controlling inflation when it successfully controlled the money supply target. The calculation of money supply target needs to be improved to get appropriate target level of M2. It is also concluded that in the recent years SBP failed to control money supply and hence rate of inflation within the set target level. There seems to be a lack of coordination between Fiscal and Monetary Authorities. The understanding of issues regarding monetary policy transmission mechanism, effectiveness of different channels, lag structure of monetary policy changes, magnitude of pass-through of policy changes to inflation and output and nature of relationship amongst, instruments and goals of monetary policy (inflation and output) seems to be lacking and need fresh investigation.

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File URL: http://mpra.ub.uni-muenchen.de/13080/
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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 13080.

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Date of creation: 2008
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Handle: RePEc:pra:mprapa:13080

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Related research
Keywords: Monetary Policy; Pakistan; Money Supply; Inflation;

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Find related papers by JEL classification:
E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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References listed on IDEAS
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  1. Arshad Khan, Muhammad & Qayyum, Abdul, 2007. "Trade,Financial and Growth Nexus in Pakistan," MPRA Paper 6523, University Library of Munich, Germany. [Downloadable!]
  2. Stanley Fischer & Franco Modigliani, 1978. "Towards an understanding of the real effects and costs of inflation," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 114(4), pages 810-833, December. [Downloadable!] (restricted)
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  3. Cecchetti, Stephen G, 2000. "Making Monetary Policy: Objectives and Rules," Oxford Review of Economic Policy, Oxford University Press, vol. 16(4), pages 43-59, Winter.
  4. Ashfaque H. Khan & Mohammad Ali Qasim, 1996. "Inflation in Pakistan Revisited," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 35(4), pages 747-759. [Downloadable!]
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