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An International Comparison Of Experiences With Monetary Targeting: A Reaction Function Approach

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  • LEROY O. LANEY

Abstract

Monetary targets have been instituted in major countries for nearly a decade. There has been a rather wide variety of experience with them, both in the control procedures and in the success with which targets have been achieved. This paper presents results of a reaction function investigation into the extent to which elements of discretionary monetary policy remained even under targeting. Generally, targets probably were successful in focusing central bank attention on the long run. But a conclusion here is that distinguishable elements of discretion (as opposed to rule), evidenced by movements in targeted aggregates themselves, were present for several countries, including the United States.

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  • Leroy O. Laney, 1985. "An International Comparison Of Experiences With Monetary Targeting: A Reaction Function Approach," Contemporary Economic Policy, Western Economic Association International, vol. 3(5), pages 99-112, September.
    • Handle: RePEc:bla:coecpo:v:3:y:1985:i:5:p:99-112
    DOI: 10.1111/j.1465-7287.1985.tb00826.x
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    References listed on IDEAS

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    1. Volcker, Paul A., 1978. "The role of monetary targets in an age of inflation," Journal of Monetary Economics, Elsevier, vol. 4(2), pages 329-339, April.
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    Cited by:

    1. Victor Argy & Anthony Brennan & Glenn Stevens, 1990. "Monetary Targeting: The International Experience," The Economic Record, The Economic Society of Australia, vol. 66(1), pages 37-62, March.
    2. Goodhart, Charles, 1989. "The Conduct of Monetary Policy," Economic Journal, Royal Economic Society, vol. 99(396), pages 293-346, June.

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