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Published in:
2009 | OriginalPaper | Chapter
Monetary Policy and the Real Exchange Rate
Author : Anthony J. Makin
Published in: Global Imbalances, Exchange Rates and Stabilization Policy
Publisher: Palgrave Macmillan UK
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The conduct and effectiveness of monetary policy has changed markedly over recent decades as capital markets have become more internationally integrated, external imbalances have widened and exchange rates have become more variable. Inflation targeting is also now a primary goal of monetary policy in many advanced and emerging economies. Yet in this financially globalized context, many unresolved questions remain about the nature of the monetary policy transmission mechanism under floating exchange rates.