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On measuring the efficiency of monetary policy


  • Briec, Walter
  • Gabillon, Emmanuelle
  • Lasselle, Laurence
  • Ratsimbanierana, Hermann


Cecchetti et al. (2006) develop a method for allocating macroeconomic performance changes among the structure of the economy, variability of supply shocks and monetary policy. We propose a dual approach of their method by borrowing well-known tools from the production theory.

Suggested Citation

  • Briec, Walter & Gabillon, Emmanuelle & Lasselle, Laurence & Ratsimbanierana, Hermann, 2012. "On measuring the efficiency of monetary policy," Economics Letters, Elsevier, vol. 117(1), pages 182-185.
  • Handle: RePEc:eee:ecolet:v:117:y:2012:i:1:p:182-185 DOI: 10.1016/j.econlet.2012.04.107

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    References listed on IDEAS

    1. Cornes,Richard, 1992. "Duality and Modern Economics," Cambridge Books, Cambridge University Press, number 9780521336017, March.
    2. Fare, Rolf & Shawna Grosskopf & Mary Norris & Zhongyang Zhang, 1994. "Productivity Growth, Technical Progress, and Efficiency Change in Industrialized Countries," American Economic Review, American Economic Association, vol. 84(1), pages 66-83, March.
    3. Stephen G. Cecchetti & Alfonso Flores-Lagunes & Stefan Krause, 2006. "Has Monetary Policy become more Efficient? a Cross-Country Analysis," Economic Journal, Royal Economic Society, vol. 116(511), pages 408-433, April.
    4. Caves, Douglas W & Christensen, Laurits R & Diewert, W Erwin, 1982. "Multilateral Comparisons of Output, Input, and Productivity Using Superlative Index Numbers," Economic Journal, Royal Economic Society, vol. 92(365), pages 73-86, March.
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    Cited by:

    1. Etienne Farvaque & Piotr Stanek & St├ęphane Vigeant, 2014. "On the Performance of Monetary Policy Committees," Kyklos, Wiley Blackwell, vol. 67(2), pages 177-203, May.

    More about this item


    Efficiency frontier; Inflation variability; Farrell measure; Malmquist index;

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies


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