Monetary Policy in the Second Half of the 1980s: How Much Room for Manoeuvre?

Kevin Clinton and Jean-Claude Chouraqui
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Jean-Claude Chouraqui: OECD

No 39, OECD Economics Department Working Papers from OECD Publishing

Abstract: This paper discusses how monetary policy might assist macroeconomic performance in the second half of the 1980s in the G-10 countries, without compromising the medium-term objective of price stability. From this perspective, the recent stance of monetary policy is assessed, as well as its possible effects on output and inflation. The paper also examines the gains that might be expected from a short-run monetary stimulus, internationally coordinated, against the risks that might be implied for central bank credibility ... Ce document examine dans quelle mesure la politique monétaire pourrait contribuer à ameliorer la situation économique dans les pays du Groupe des Dix durant la seconde moitié des années 80, sans compromettre l'objectif de stabilité des prix à moyen terme. Dans cette optique, l'orientation récente des politiques monétaires est analysée ainsi que leurs effets possibles sur la production et l'inflation. Le document confronte en outre les gains éventuels de mesures d'expansion monétaire, coordonnées à l'echelle internationale, et les risques qui pourraient en résulter pour la crédibilité des banques centrales ...

Date: 1987-02-01
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