Evolving Contours of Monetary Policy

[...]the committee envisaged a scheme of what came to be described as flexible monetary targeting. Autonomy goes with accountability and accountability, in turn, requires a clear enunciation of the goals. [...]an accountable central bank is one with clearly articulated and publicly stated objectives...

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Bibliographic Details
Published inEconomic and political weekly
Main Author Rangarajan, C
Format Journal Article Magazine Article
LanguageEnglish
Published Mumbai Athena Information Solutions Pvt. Ltd 15.05.2021
Subjects
Accountability
Central banks
Deficit financing
Economic development
Economic policy
Five year plans
Growth rate
Interest rates
Monetary policy
Objectives
Taylor, John
India
United States > US
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Summary:[...]the committee envisaged a scheme of what came to be described as flexible monetary targeting. Autonomy goes with accountability and accountability, in turn, requires a clear enunciation of the goals. [...]an accountable central bank is one with clearly articulated and publicly stated objectives. The Federal Reserve Act in the United States (US) requires the central bank to conduct monetary policy so as to promote effectively the goals of maximum employment, stable prices and moderate long term interest rate. (Federal Reserve System 2016) Even though the act lists three distinct goals, the authorities have always treated the mandate as the “dual mandate” as the third mandate on interest rate was treated as implicit in the first two mandates.
Bibliography:content type line 24
ObjectType-News-1
SourceType-Magazines-1
ISSN:0012-9976