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Monetary Policy in the Industrial World: Reflections on some Basic Issues


  • Jaleel Ahmad


This paper is a general assessment of monetary policy in major OECD countries during the 1990s. Within a simple policy framework that combines money growth, nominal income, and an open economy IS-LM type Mundell-Fleming model, the paper discusses the major strands in the conduct of monetary policy in developed industrial economies. It throws light on such problems as “rules versus discretion”, management of exchange rates, the effect of monetary changes on income and prices, and the rupture of monetary policy with other instruments of economic policy that also affect the economy.

Suggested Citation

  • Jaleel Ahmad, 2006. "Monetary Policy in the Industrial World: Reflections on some Basic Issues," Global Economic Review, Taylor & Francis Journals, vol. 35(4), pages 463-475.
  • Handle: RePEc:taf:glecrv:v:35:y:2006:i:4:p:463-475 DOI: 10.1080/12265080601053959

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    References listed on IDEAS

    1. Will Martin & Kym Anderson, 2006. "Agricultural Trade Reform and the Doha Development Agenda," World Bank Publications, The World Bank, number 6889.
    2. Messerlin, Patrick, 2003. "Agriculture in the Doha Agenda," Policy Research Working Paper Series 3009, The World Bank.
    3. L Alan Winters, 2004. "Trade Liberalisation and Economic Performance: An Overview," Economic Journal, Royal Economic Society, vol. 114(493), pages 4-21, February.
    4. Anderson, Kym & Martin, Will & van der Mensbrugghe, Dominique, 2005. "Global impacts of Doha trade reform scenarios on poverty," Policy Research Working Paper Series 3735, The World Bank.
    5. David Dollar & Aart Kraay, 2004. "Trade, Growth, and Poverty," Economic Journal, Royal Economic Society, vol. 114(493), pages 22-49, February.
    6. Hertel, Thomas W. & Winters, L. Alan, 2005. "Poverty impacts of a WTO agreement : synthesis and overview," Policy Research Working Paper Series 3757, The World Bank.
    7. Zhai, Fan & Hertel, Thomas, 2005. "Impacts of the Doha Development Agenda on China : the role of labor markets and complementary education reforms," Policy Research Working Paper Series 3702, The World Bank.
    8. Thomas W. Hertel & L. Alan Winters, 2006. "Poverty and the WTO : Impacts of the Doha Development Agenda," World Bank Publications, The World Bank, number 7411.
    9. L. Alan Winters, 2000. "Trade Liberalisation and Poverty," PRUS Working Papers 07, Poverty Research Unit at Sussex, University of Sussex.
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