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Monetary Policy: Rules and Transmission Mechanism

Klaus Schmidt-Hebbel, and Norman V. Loayza
Pub. Date: January 1, 2002

Series on Central Banking, Analysis, and Economic Policies, volume IV.

Fourteen papers, most originally presented at the Third Annual Conference of the Central Bank of Chile, held in Santiago in September 1999, analyze monetary transmission mechanisms and monetary policy rules. Papers discuss the monetary transmission mechanisms and the evaluation of monetary policy rules; policy rules and external shocks; optimal monetary policy rules when the current account matters; optimal monetary policy rules under inflation range targeting; monetary policy in Latin America in the 1990s; the effect of uncertainty on monetary policy; monetary policy in Chile; whether inflation targeting increases output volatility; optimal monetary policy in a small, open economy; policy biases when the monetary and fiscal authorities have different objectives; the monetary transmission mechanism in the United Kingdom; the monetary policy transmission mechanism and policy rules in Canada; monetary policy rules and transmission mechanisms under inflation targeting in Israel; and the conduct of monetary policy by the South African Reserve Bank. Loayza is with the World Bank. Schmidt-Hebbel is with the Central Bank of Chile. No index.

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