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Monetary Policy: Instruments and Issues

In: Central Banking in Developing Countries

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  • Anand Chandavarkar

Abstract

The prime policy objective of a central bank in a market economy which is being increasingly accepted as the internal and external stability of the national currency in the medium term, was pion-eered by Keynes in his classic exposition of domestic price stability as the sole aim of monetary policy (1924). In attempting to regulate the cost, availability and supply of money and credit a central bank can operate in two ways: directly through its regulatory power, or indirectly through its influence on money market conditions and the monetary variables as the sole source of central bank money (that is, legal tender currency and balances with the central bank). This distinction is based on their respective channels of trans-mission (Table 3.1).

Suggested Citation

  • Anand Chandavarkar, 1996. "Monetary Policy: Instruments and Issues," Palgrave Macmillan Books, in: Central Banking in Developing Countries, chapter 3, pages 29-57, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-37150-7_3
    DOI: 10.1057/9780230371507_3
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