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Monetary Targeting: The International Experience

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

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.

Suggested Citation

  • Argy, Victor & Brennan, Anthony & Stevens, Glenn, 1990. "Monetary Targeting: The International Experience," The Economic Record, The Economic Society of Australia, vol. 66(192), pages 37-62, March.
  • Handle: RePEc:bla:ecorec:v:66:y:1990:i:192:p:37-62
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    Cited by:

    1. Gruen, David & Pagan, Adrian & Thompson, Christopher, 1999. "The Phillips curve in Australia," Journal of Monetary Economics, Elsevier, vol. 44(2), pages 223-258, October.
    2. repec:eee:ecofin:v:44:y:2018:i:c:p:44-61 is not listed on IDEAS
    3. 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.
    4. I.J. Macfarlane, 1998. "Shann Memorial Lecture: Australian monetary policy in the last quarter of the twentieth century," Economics Discussion / Working Papers 98-22, The University of Western Australia, Department of Economics.
    5. 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.
    6. Hasan Ersel & Lerzan Iskenderoglu, 1990. "Monetary Programming in Turkey," Discussion Papers 9006, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
    7. Akhand Akhtar Hossain, 2015. "The Evolution of Central Banking and Monetary Policy in the Asia-Pacific," Books, Edward Elgar Publishing, number 14611, April.
    8. José I. García de Paso, 1993. "Monetary announcements and monetary policy credibility," Investigaciones Economicas, Fundación SEPI, vol. 17(3), pages 551-567, September.

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