EconPapers    
Economics at your fingertips  
 

Multiple Objectives in Monetary Policy: A de Facto Analysis for ‘Advanced’ Countries

David Cobham ()

No 2015-63, SIRE Discussion Papers from Scottish Institute for Research in Economics (SIRE)

Abstract: A statistical methodology is developed by which realised outcomes can be used to identify, for calendar years between 1974 and 2012, when policy makers in ‘advanced’ economies have successfully pursued single objectives of different kinds, or multiple objectives. A simple criterion is then used to distinguish between multiple objectives pure and simple and multiple objectives subject to a price stability constraint. The overall and individual country results which this methodology produces seem broadly plausible. Unconditional and conditional analyses of the inflation and growth associated with different types of objectives reveal that multiple objectives subject to a price stability constraint are associated with roughly as good economic performance as the single objective of inflation. A proposal is then made as to how the remit of an inflation-targeting central bank could be adjusted to allow it to pursue other objectives in extremis without losing the credibility effects associated with inflation targeting.

Keywords: monetary policy regimes; exchange rate regimes; multiple objectives; monetary policy and asset prices; Tinbergen rule; assignment problem (search for similar items in EconPapers)
Date: 2015-02
References: Add references at CitEc
Citations: View citations in EconPapers (1) Track citations by RSS feed

Downloads: (external link)
http://hdl.handle.net/10943/658
Our link check indicates that this URL is bad, the error code is: 404 Not Found

Related works:
Working Paper: Multiple objectives in monetary policy: a de facto analysis for ‘advanced’ countries (2015) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:edn:sirdps:658

Access Statistics for this paper

More papers in SIRE Discussion Papers from Scottish Institute for Research in Economics (SIRE) 31 Buccleuch Place, EH8 9JT, Edinburgh. Contact information at EDIRC.
Bibliographic data for series maintained by Research Office ().

 
Page updated 2021-01-22
Handle: RePEc:edn:sirdps:658