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Monetary Policy in an Open Economy

In: Monetary Theory and Economic Institutions

Author

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  • Jürg Niehans

    (University of Bern)

Abstract

This paper gives an integrated summary of the principles of monetary policy in economies with highly developed financial systems under floating rates. The orientation is frankly normative. The subject is the guidelines that a central bank should follow in conducting monetary policy. In such a discussion, personal judgement inevitably plays a considerable rôle. There are many points on which the evidence is inconclusive and on which competent opinions differ. In such matters of macro-economic policy it will always be so. Without dogmatic claims, the paper presents one observer’s conclusions from the historical experience and academic work of recent years.1

Suggested Citation

  • Jürg Niehans, 1987. "Monetary Policy in an Open Economy," International Economic Association Series, in: Marcello Cecco & Jean-Paul Fitoussi (ed.), Monetary Theory and Economic Institutions, chapter 11, pages 243-268, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-08781-5_11
    DOI: 10.1007/978-1-349-08781-5_11
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