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Monetary Policy Analysis: An Undergraduate Toolkit

In: Macroeconomic Theory and Macroeconomic Pedagogy

Author

Listed:
  • Jagjit S. Chadha

Abstract

The nuts and bolts of setting monetary policy are often hard to get across to students. There are a number of key hurdles to overcome. First, the conceptual idea of how setting interest rates may (or may not) act to stabilize an economy comprising many households, firms, financial institutions and a significant government sector. Secondly, there are a host of institutional details to convey such as the framework for monetary policy, the relationship between the Finance Ministry and the central bank and what might be the ultimate objectives of stabilization policy. Thirdly, the theory of monetary policy is itself really developing into a branch of ‘robust’ control theory and so is subject to severe technical barriers at the frontier.3 And finally, there is the aspect of the real data: how do we convey the idea that the observed economy is not some clearly identifiable mass but a construct based upon a myriad of observations or surveys announced on a daily basis? The mixture of institutional detail, high theory, data and, at times, low politics makes monetary policy courses a daunting mix for instructor and student alike.

Suggested Citation

  • Jagjit S. Chadha, 2009. "Monetary Policy Analysis: An Undergraduate Toolkit," Palgrave Macmillan Books, in: Giuseppe Fontana & Mark Setterfield (ed.), Macroeconomic Theory and Macroeconomic Pedagogy, chapter 3, pages 55-75, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-29166-9_4
    DOI: 10.1007/978-0-230-29166-9_4
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    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Deflation - a real problem and a possible cure
      by Jagjit S. Chadha in Jagjit Chadha's Macro View Point on 2009-01-09 02:59:00
    2. Orthodox and Heterodox Monetary Policies
      by Jagjit S. Chadha in Jagjit Chadha's Macro View Point on 2009-01-14 05:36:00

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    Cited by:

    1. Imamudin Yuliadi, 2020. "The Implementation of a Dual Monetary System in Indonesia," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(3), pages 28-39.

    More about this item

    Keywords

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    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Systems; Standards; Regimes; Government and the Monetary System
    • 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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