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1 - The Goals of Economic and Monetary Policy

from Part I - What Is the Goal of Korean Monetary Policy?

Published online by Cambridge University Press:  17 February 2022

Woosik Moon
Woosik Moon
Affiliation:
Seoul National University
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Summary

Economic policy refers to the actions of the state in defining its objectives and using appropriate instruments to achieve them. The objectives of government in this regard are high long-run economic growth, equitable distribution of income and wealth, and stable prices and output. Macroeconomic policies, represented by monetary and fiscal policies, are just those intended to stabilise prices and output. This chapter begins by examining historically how these policy objectives have been addressed by the Korean government, and, against this backdrop, looks at the goals of macroeconomic policy, and especially monetary policy in Korea.

Keywords

Comprehensive Economic Stabilisation ProgrammeGoal of monetary policyprice stabilityoutput stabilityfinancial stabilitypotential outputnatural rate of unemploymentnatural rate of interest
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Chapter
Information
Monetary Policy and Central Banking in Korea , pp. 3 - 28
Publisher: Cambridge University Press
Print publication year: 2022

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