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This paper examines the conduct of monetary policy in the major industrial countries. It contributes to the understanding of financial and exchange market developments by examining and comparing the instruments and procedures for implementing monetary policy in the short term that are currently employed by the central banks of the five major industrial countries—France, the Federal Republic of Germany, Japan, the United Kingdom, and the United States. The paper provides a better understanding of monetary policy actions and their links to exchange market developments.
Publisher: International Monetary Fund