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Recent Trends in Monetary Policy. Quarterly Economic Commentary, January 1980

Kelleher, R. (1980) Recent Trends in Monetary Policy. Quarterly Economic Commentary, January 1980. [Working Paper]

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    It is generally agreed that since our entry into the European Monetary System (EMS) and the establishment of exchange controls the conduct of monetary policy has become a more important element of general economic policy. In recent times, considerable attention and discussion has been devoted to the control of one element of monetary expansion, i.e. bank lending to the private sector. On the other hand, there has been much less attention to public sector credit creation. This paper outlines a framework for monetary policy which links both private and public sector credit creation. Recent experience of monetary expansion is examined and the role of fiscal policy in facilitating monetary stability is outlined. The conclusion is that unless Government borrowing is significantly reduced from its current level, excessive monetary creation will continue to put pressure on the external reserves and ultimately the exchange rate.

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    Item Type: Working Paper
    Subjects for non-EU documents: EU policies and themes > Policies & related activities > economic and financial affairs > EMU/EMS/euro
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Economic and Social Research Institute (ESRI), Dublin > ESRI Quarterly Economic Commentary
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 23 Sep 2019 14:22
    Number of Pages: 10
    Last Modified: 23 Sep 2019 14:22

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