Determining the Monetary Instrument: A Diagrammatic Exposition

Stephen F. LeRoy · David Lindsey

23 citations0/0 files storedAmerican Economic Review

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Monetary Policy and Economic Impact Economic Theory and Policy Economic theories and models

Abstract

The problem of determining short-run monetary policy is often posed as that of choosing which of several variables to take as the monetary instrument, which is understood to mean choosing which variable to maintain at a preassigned level under random shifts in the structural equations. In the simplest case, this problem has been unambiguously solved. Suppose that we have a static linear IS-LM structure with independent normally distributed errors and known coefficients:

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1979Monetary Control under Lagged Reserve Accounting 1982The effects of alternative operating procedures on economic and financial relationships 1981Choosing a monetary instrument The case of supply-side shocks 1983Nonborrowed Reserve Targeting and Monetary Control 1980The Optimum Monetary Aggregate for Stabilization Policy 1988INFORMATIONAL IMPLICATIONS OF MONEY, INTEREST RATE, and PRICE RULES

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