Obiettivi intermedi della politica monetaria e coordinamento delle politiche economiche ( Intermediate targets of monetary policy and coordination of economic policies)

Abstract

Now that the monetary policies of industrial countries are no longer bound by fixed exchange rates, the problem of coordinating their economic policies has become even more difficult than before. The present paper discusses some problems in this regard. First, the recent economic literature on the subject of interim targets is briefly reviewed, before the experiences of some countries are described, in particular with regard to the issue of the announcement of objectives, comparing them with the criteria used in Italy. The choice of the most appropriate intermediate target is then considered, with particular reference to the case of an open economy such as in Italy. Finally, the problem of setting reciprocally compatible monetary rules in EEC countries is dealt with, analyzing the method of the adjustment process according to the criteria of such rules.

JEL: E52, F15