McGowan, Padraig. 'The operation of monetary policy in Ireland'. - Dublin: Journal of the Statistical and Social Inquiry Society of Ireland,Vol. XXVI, Pt. 5, 1992/1993, pp1-54
Journal of the Statistical and Social Inquiry Society of Ireland Vol. XXVI, Pt. 5, 1992/1993
Most reviews of monetary policy concentrate on its appropriate ultimate objective, the
degree to which it is being achieved and, from a macro-economic perspective, why the
outcome may be deviating from that envisaged. A different emphasis is given here, which
timelessly captures the significance of the financial markets nowadays for the successful
operation of monetary policy, and concentrates on how it is conducted from day to day.
This account also highlights why the ultimate objective of monetary policy will not be
realised unless the cumulative results of the daily operations of monetary policy in the
financial markets are compatible with realising price stability over time.
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