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Does Monetary Policy Play Effective Role in Controlling Inflation in Pakistan

  • Qayyum, Abdul

This paper presented the salient features of current Monetary Policy and its effectiveness to control inflation in Pakistan. The monetary authority was successful in controlling inflation when it successfully controlled the money supply target. The calculation of money supply target needs to be improved to get appropriate target level of M2. It is also concluded that in the recent years SBP failed to control money supply and hence rate of inflation within the set target level. There seems to be a lack of coordination between Fiscal and Monetary Authorities. The understanding of issues regarding monetary policy transmission mechanism, effectiveness of different channels, lag structure of monetary policy changes, magnitude of pass-through of policy changes to inflation and output and nature of relationship amongst, instruments and goals of monetary policy (inflation and output) seems to be lacking and need fresh investigation.

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File URL: http://mpra.ub.uni-muenchen.de/13080/1/MPRA_paper_13080.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 13080.

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Date of creation: 2008
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Handle: RePEc:pra:mprapa:13080
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  1. Stanley Fischer & Franco Modigliani, 1978. "Towards an understanding of the real effects and costs of inflation," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 114(4), pages 810-833, December.
  2. M. Idrees Khawaja & Musleh-ud Din, 2006. "Banking: Interest Spread, Inelastic Deposit Supply, and Mergers," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 45(4), pages 1055-1070.
  3. repec:fip:fedgsq:y:2005:i:feb11 is not listed on IDEAS
  4. Cecchetti, Stephen G, 2000. "Making Monetary Policy: Objectives and Rules," Oxford Review of Economic Policy, Oxford University Press, vol. 16(4), pages 43-59, Winter.
  5. Muhammad Arshad Khan & Muhammad Abdul Qayyum, 2007. "Trade, Financial and Growth Nexus in Pakistan," Economic Analysis Working Papers (2002-2010). Atlantic Review of Economics (2011-2014), Colexio de Economistas de A Coruña, Spain and Fundación Una Galicia Moderna, vol. 6, pages 1-24, December.
  6. Ashfaque H. Khan & Mohammad Ali Qasim, 1996. "Inflation in Pakistan Revisited," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 35(4), pages 747-759.
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