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Discretionary Monetary Policy Versus Rules [electronic resource] : The Japanese Experience During 1986-91, Meredith, Guy.

Author/Creator:
Meredith, Guy.
Publication:
Washington, D.C. : International Monetary Fund, 1992.
Format/Description:
Government document
Book
1 online resource (28 p.)
Series:
IMF eLibrary
IMF Working Papers; Working Paper No. 92/63.
IMF Working Papers; Working Paper No. 92/63
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Local subjects:
Aggregate demand. (search)
Central bank. (search)
Demand for money. (search)
Discretionary monetary policy. (search)
Economic models. (search)
Inflation. (search)
Inflation equation. (search)
Inflation rate. (search)
Inflation rising. (search)
Inflation target. (search)
Inflation targeting. (search)
Inflationary shock. (search)
Low inflation. (search)
Lower inflation. (search)
Macroeconomic stability. (search)
Monetary aggregate. (search)
Monetary aggregates. (search)
Monetary authorities. (search)
Monetary conditions. (search)
Monetary fund. (search)
Monetary policy. (search)
Monetary policy rules. (search)
Monetary system. (search)
Money balances. (search)
Money demand. (search)
Money growth. (search)
Money supply. (search)
Nominal interest rate. (search)
Nominal interest rates. (search)
Price deflation. (search)
Price level. (search)
Price stability. (search)
Rate of inflation. (search)
Real exchange rates. (search)
Real interest rate. (search)
Real interest rates. (search)
Real output. (search)
Real value. (search)
Reserve positions. (search)
Japan. (search)
Summary:
This paper compares the hypothetical performance of various monetary policy rules with that of the discretionary policies actually pursued in Japan over the 1986-91 period. The results suggest that simple rules based on targeting growth in either the money supply, nominal income, or prices would have failed to stabilize economic variables more successfully than discretionary policies. At the same time, it appears that an indicator of monetary conditions incorporating movements in the real exchange rate and the real interest rate would have been useful in assessing the effect of current policies on future activity.
Notes:
Description based on print version record.
Contributor:
Meredith, Guy.
Other format:
Print Version:
ISBN:
1451848331:
9781451848335
ISSN:
1018-5941
Publisher Number:
10.5089/9781451848335.001
Access Restriction:
Restricted for use by site license.