By Douglas Fisher (auth.)
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Extra resources for Monetary Policy
In other words, we choose our indicator for its closeness to the final variables and its ability to divide the influences of exogenous factors from the policy factors, as determinants of the targets. We would not need this second condition, then, if the targets could be uniquely ltit by the monetary authorities; since this is generally not the case with the sort of targets generally proposed (such as 'free reserves', excess reserves, or, of course, the interest rate), we must fall back on condition (12) or its equivalent.
For example, open-market operations often involve brokerage fees, and changes in tax rates involve starting up the fiscal machinery, with an expensive use of precious legislative time involved. Another popular reason is that 32 controls of this sort interfere with the domestic allocation of resources and that the authorities can always expect to come under pressure depending on whose resource is being reallocated. For example, the general application of monetary policy in the 1960s in the United States seemed to produce acute difficulties in the housing industry and, not accidentally, an interruption in the growth ofhome ownership, a consequence of considerable social implication.
Assuming that both factor supply curves (labour and capital) are perfectly 57 inelastic (for clarity rather than because it is necessary to the argument), this leftward shift creates unemployment of both capital and labour: to the capital sector it will appear as a fall in the demand for capital (assuming capital and property are gathered together as the residual share). The authorities react by increasing their rate of production of money and this increases aggregate demand; we may argue that both of the factor demand curves shift to the right.