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Effectiveness of monetary policy after financial market liberalization. (Supplementary Note 5)
- Article from:
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World Economic Outlook
- Article date:
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May 1, 1991
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Copyright informationCOPYRIGHT 1991 International Monetary Fund. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Effectiveness of Monetary Policy After Financial Market Liberalization
The approach to monetary policy in the major industrial countries has changed significantly during the last decade. Although money and credit aggregates continue to have an important influence on policy, the authorities in most of these countries have down-graded or abandoned their monetary targets as the behavior of velocity has not been sufficiently predictable to rely only on control of money growth to guide nominal income growth.(1) To a large extent, the unpredictability of velocity, and the shift toward a more eclectic approach to monetary policy, have been attributed to the instability of financial ...
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