Monetary Policy in an Open Economy

Jürg Niehans
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Jürg Niehans: University of Bern

Chapter 11 in Monetary Theory and Economic Institutions, 1987, pp 243-268 from Palgrave Macmillan

Abstract: Abstract This paper gives an integrated summary of the principles of monetary policy in economies with highly developed financial systems under floating rates. The orientation is frankly normative. The subject is the guidelines that a central bank should follow in conducting monetary policy. In such a discussion, personal judgement inevitably plays a considerable rôle. There are many points on which the evidence is inconclusive and on which competent opinions differ. In such matters of macro-economic policy it will always be so. Without dogmatic claims, the paper presents one observer’s conclusions from the historical experience and academic work of recent years.1

Keywords: Exchange Rate; Interest Rate; Monetary Policy; Central Bank; Real Exchange Rate (search for similar items in EconPapers)
Date: 1987
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Persistent link: https://EconPapers.repec.org/RePEc:pal:intecp:978-1-349-08781-5_11

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DOI: 10.1007/978-1-349-08781-5_11

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