New Approaches in Monetary Policy

Author(s): by John E. Wadsworth and François Léonard de Juvigny

Date published: Mar 1979

edited by John E. Wadsworth and François Léonard de Juvigny, Financial and Monetary Policy Studies 4
Sijthoff & Noordhoff International Publishers, Alphen aan den Rijn, 1979
ISBN 90-286-0848-6

The papers presented here clearly show that the views of the monetarist have gained at least partial acceptance over a wide field, especially during years when gathering inflation made less effective the customary remedies, such as restrictive measures by way of interest rates, money market conditions and banking activities. Nevertheless, such views are far from being accepted in their entirety. Central banks generally, while agreeing with the importance of paying attention to monetary aggregates, stressed the need, in practice, for employing additional means of regulation, and expressed doubts as to the effectiveness of simply controlling the money stock when, for example, inflation was being imported.