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Discussion Paper Details

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Title: On the Real Effects of Monetary Policy: A Central Banker's View

Author(s): Javier Vall�s Liberal and Jos� Vi�als

Publication Date: September 1999

Keyword(s): Central Banks, Monetary Policy and Real Effects

Programme Area(s): International Macroeconomics

Abstract: This paper is an attempt to provide an updated assessment of what we know and what do not know about the impact of monetary policy on the economy and what implications follow for the conduct of monetary policy in today's world. Firstly, we discuss the conditions under which monetary policy can be expected to affect the economy, both over the medium term and the short term, and review the most policy-relevant empirical results, providing some new evidence. Secondly, we analyze the implications that the empirical regularities have for the practical conduct of monetary policy. We focus on whether the existence of short-run real effects can and should be exploited by central banks and whether the impact of monetary policy on the economy may be affected by the present circumstances of low rates of inflation and low nominal interest rates.

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Bibliographic Reference

Vall�s Liberal, J and Vi�als, J. 1999. 'On the Real Effects of Monetary Policy: A Central Banker's View'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=2241