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Monetary Targets: Their Nature and Record in the Major Economies

In: Monetary Targets

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  • M. D. K. W. Foot

    (Bank of England)

Abstract

Undoubtedly the major change this decade in the presentation—if not the aims—of monetary policy in many advanced economies has been a move away from the pursuit of an interest rate objective to the formal announcement of a target rate of growth for some monetary aggregate. It is no simple task to trace this development and only certain aspects receive detailed consideration here. Notes, indicated by superior numbers and drawn together at the end of the chapter, have therefore been used extensively, to cover certain points only briefly noted in the main text and also to illustrate arguments by quotations from senior central bank officials and their economists. References to published sources are shown in parentheses and also listed at the end of the chapter.

Suggested Citation

  • M. D. K. W. Foot, 1981. "Monetary Targets: Their Nature and Record in the Major Economies," Palgrave Macmillan Books, in: Brian Griffiths & Geoffrey E. Wood (ed.), Monetary Targets, chapter 1, pages 13-61, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-16555-1_2
    DOI: 10.1007/978-1-349-16555-1_2
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    Cited by:

    1. Goodhart, Charles, 1989. "The Conduct of Monetary Policy," Economic Journal, Royal Economic Society, vol. 99(396), pages 293-346, June.
    2. Sanghamitra Sahoo & B Kamaiah, 2000. "Some Aspects of Monetary Targeting in India," Working Papers 63, Institute for Social and Economic Change, Bangalore.

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