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The Effects of Monetary Policy on the Real Sector: An Overview of Empirical Evidence for Selected OECD Economies

Author

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  • Jean-Claude Chouraqui
  • Michael Driscoll
  • Marc-Olivier Strauss-Kahn

Abstract

The purpose of this study is to assess the current state of understanding about the effects of monetary policy, both at the conceptual level and in the light of the experience of the seven major OECD countries (the United States, Japan, Germany, France, the United Kingdom, Italy and Canada) and three selected smaller open economies (Australia, the Netherlands and Sweden) since the early 1970s (1). Over this period, there have been substantial developments in the policy making environment and in the conduct and implementation of monetary policy which may have significantly affected the way monetary variables influence the real sector of the economy. A. Changes in the macroeconomic and financial environment and their implications for policy making Since the early 1970s there has been a general deterioration in the macroeconomic situation in OECD countries. These have been subjected to large supply shocks, to substantial changes in the rate of inflation, to slow economic growth, to ...

Suggested Citation

  • Jean-Claude Chouraqui & Michael Driscoll & Marc-Olivier Strauss-Kahn, 1988. "The Effects of Monetary Policy on the Real Sector: An Overview of Empirical Evidence for Selected OECD Economies," OECD Economics Department Working Papers 51, OECD Publishing.
    • Handle: RePEc:oec:ecoaaa:51-en
    DOI: 10.1787/076618776054
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    Cited by:

    1. J T Kneeshaw, 1995. "A survey of non-financial sector balance sheets in industialised countries: implications for the monetary policy transmission mechanism," BIS Working Papers 25, Bank for International Settlements.
    2. Goodhart, Charles, 1989. "The Conduct of Monetary Policy," Economic Journal, Royal Economic Society, vol. 99(396), pages 293-346, June.
    3. Langfeldt, Enno & Scheide, Joachim & Trapp, Peter, 1988. "Inflationsgefahren werden größer - Welchen Kurs soll die Geldpolitik steuern? Thesen zum 38. Kieler Konjunkturgespräch," Open Access Publications from Kiel Institute for the World Economy 394, Kiel Institute for the World Economy (IfW Kiel).
    4. Benjamin M. Friedman, 1995. "Does Monetary Policy Affect Real Economic Activity?: Why Do We Still Ask This Question?," NBER Working Papers 5212, National Bureau of Economic Research, Inc.
    5. Langfeldt, Enno & Scheide, Joachim & Trapp, Peter, 1988. "Inflationsgefahren werden größer - Welchen Kurs soll die Geldpolitik steuern? Thesen zum 38. Kieler Konjunkturgespräch," Kiel Discussion Papers 142, Kiel Institute for the World Economy (IfW Kiel).
    6. Lehment, Harmen, 1991. "Internationale Auswirkungen der deutschen Währungs-, Wirtschafts- und Sozialunion," Open Access Publications from Kiel Institute for the World Economy 2005, Kiel Institute for the World Economy (IfW Kiel).
    7. Langfeldt, Enno & Scheide, Joachim & Trapp, Peter, 1988. "Is money supply targeting obsolete?," Kiel Working Papers 338, Kiel Institute for the World Economy (IfW Kiel).

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