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"The optimal choice of a monetary policy instrument depends on how tight and transparent the available instruments are and on whether policymakers can commit to future policies. Tightness is always desirable; transparency is only if policymakers cannot commit. Interest rates, which can be made endogenously tight, have a natural advantage over money growth and exchange rates, which cannot. As prices, interest and exchange rates are more transparent than money growth. All else equal, the best instrument is interest rates and the next-best, exchange rates. These findings are consistent with the observed instrument choices of developed and less-developed economies"--National Bureau of Economic Research web site.
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Subjects
Evaluation, Monetary policyShowing 2 featured editions. View all 2 editions?
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1
On the optimal choice of a monetary policy instrument
2007, National Bureau of Economic Research
electronic resource /
in English
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2
On the optimal choice of a monetary policy instrument
2007, National Bureau of Economic Research
in English
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Edition Notes
Title from PDF file as viewed on 9/21/2007.
Includes bibliographical references.
Also available in print.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.
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- Created December 19, 2020
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