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Monetary Policy — as a Weapon Against Inflation

In: Inflation

Author

Listed:
  • Erik Lundberg

    (University of Stockholm)

Abstract

There are problems at the outset in defining what monetary policy really means. One possibility would be to distinguish between monetary and other types of policy by studying the kinds of effect that such policies have. From this point of view, monetary policy can be defined as comprising those measures which aim at affecting the credit and capital markets, no matter what policy authority undertakes the action. According to the other alternative — used in this paper — monetary policy is defined in terms of the ‘parameters of action’ concerned. Policy measures that can be applied by the Central Bank are regarded as monetary policy. These include, for example, the discount rate, open market operations, rules for reserve requirements and for the distribution of the assets of capital market institutions. They also include ceilings on bank loans, controls over bond issues and the regulation of consumer credit and margin requirements for dealings in shares. To the Central Bank’s parameters of action may also belong all kinds of gentlemen’s agreements’ with credit and capital market institutions, as well as official announcements of policy aims.

Suggested Citation

  • Erik Lundberg, 1962. "Monetary Policy — as a Weapon Against Inflation," International Economic Association Series, in: Douglas C. Hague (ed.), Inflation, chapter 0, pages 147-163, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-08455-5_10
    DOI: 10.1007/978-1-349-08455-5_10
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