After having been de-emphasized from around the early 1990s, the importance of financial factors such as the money and credit aggregates in the implementation of monetary policy under inflation targeting regimes has gained renewed attention since the recent global financial crisis that erupted in August 2007. Further discussions and rigorous analysis are however needed, to reach a broadly shared consensus among academia and policymakers on the issue of when and how the central bank should incorporate these quantity variables into its actual conduct of interest rate-focused inflation targeting.
Our aim in this paper is to address the issue of how the Monetary Policy Committee (MPC) of the Bank of Korea took into consideration the actual money and credit aggregates in its policy decisions under inflation targeting over the period 2003~2011. (The rest omitted)
우리나라 통화정책에서 통화, 신용량의 역할
|Journal Title; Vol./Issue||Journal of Money and Finance:27/2|
|Subject Country||South Korea(Asia and Pacific)|
|Subject||Economy < Economic Administration
Economy < Economic System