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On the Real Effects of Monetary Policy: A Central Banker's View

Javier Valles and José Viñals

No 2241, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: This paper is an attempt to provide an updated assessment of what we know and what do not know about the impact of monetary policy on the economy and what implications follow for the conduct of monetary policy in today's world. Firstly, we discuss the conditions under which monetary policy can be expected to affect the economy, both over the medium term and the short term, and review the most policy-relevant empirical results, providing some new evidence. Secondly, we analyze the implications that the empirical regularities have for the practical conduct of monetary policy. We focus on whether the existence of short-run real effects can and should be exploited by central banks and whether the impact of monetary policy on the economy may be affected by the present circumstances of low rates of inflation and low nominal interest rates.

Keywords: Central Banks; Monetary Policy; Real Effects (search for similar items in EconPapers)
JEL-codes: E50 E52 E58 (search for similar items in EconPapers)
Date: 1999-09
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Working Paper: On the real effects of the monetary policy: A central banker's view (1999) Downloads
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