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

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  • Jaleel Ahmad

Abstract

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.

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  • 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

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    3. Ben Bernanke & Frederic Mishkin, 1992. "Central Bank Behavior and the Strategy of Monetary Policy: Observations from Six Industrialized Countries," NBER Chapters, in: NBER Macroeconomics Annual 1992, Volume 7, pages 183-238, National Bureau of Economic Research, Inc.
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