01681cas a2200241 a 4500 AALejournalIMF001869 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451848335 1018-5941 BD-DhAAL BD-DhAAL Meredith, Guy. Discretionary Monetary Policy Versus Rules : The Japanese Experience During 1986-91 / Guy Meredith. Washington, D.C. : International Monetary Fund, 1992. 1 online resource (28 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper compares the hypothetical performance of various monetary policy rules with that of the discretionary policies actually pursued in Japan over the 1986-91 period. The results suggest that simple rules based on targeting growth in either the money supply, nominal income, or prices would have failed to stabilize economic variables more successfully than discretionary policies. At the same time, it appears that an indicator of monetary conditions incorporating movements in the real exchange rate and the real interest rate would have been useful in assessing the effect of current policies on future activity. Mode of access: Internet IMF Working Papers; Working Paper ; No. 1992/063 Full text available on IMF http://elibrary.imf.org/view/journals/001/1992/063/001.1992.issue-063-en.xml IMF e-Library