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The conduct of monetary policy in the major industrial countries : instruments and operating procedures

Batten, Dallas S.; Blackwell, Michael P.; Kim, Linsu; … - Internationaler Währungsfonds - 1990

This paper discusses instruments and operating procedures of the conduct of monetary policy in the major industrial countries. The exchange rate mechanism of the European Monetary System (EMS) provides clear evidence of the role of exchange rates in influencing monetary policy; the commitment of...