OECD Economics Department Working Papers

Working papers from the Economics Department of the OECD that cover the full range of the Department’s work including the economic situation, policy analysis and projections; fiscal policy, public expenditure and taxation; and structural issues including ageing, growth and productivity, migration, environment, human capital, housing, trade and investment, labour markets, regulatory reform, competition, health, and other issues.

The views expressed in these papers are those of the author(s) and do not necessarily reflect those of the OECD or of the governments of its member countries.

English, French

Monetary Policy in the Second Half of the 1980s

How Much Room for Manoeuvre?

This paper discusses how monetary policy might assist macroeconomic performance in the second half of the 1980s in the G-10 countries, without compromising the medium-term objective of price stability. From this perspective, the recent stance of monetary policy is assessed, as well as its possible effects on output and inflation. The paper also examines the gains that might be expected from a short-run monetary stimulus, internationally coordinated, against the risks that might be implied for central bank credibility ...


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