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

Jaleel Ahmad

Global Economic Review, 2006, vol. 35, issue 4, 463-475

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.

Keywords: monetary policy; industrial world; operating procedure (search for similar items in EconPapers)
Date: 2006
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DOI: 10.1080/12265080601053959

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