Monetary analysis and central banks: Introduction

David Cobham*

*Corresponding author for this work

Research output: Chapter in Book/Report/Conference proceedingChapter


Intellectual and historical background, with particular reference to the high-powered money multiplier analysis developed by Friedman and his associates; the Polak model developed at the International Monetary Fund (IMF), which served as the basis for IMF financial programming; the credit counterparts/flow of funds approach used more in Europe, including the UK; the rationale for and experience of monetary targeting, from adoption to abandonment, with particular attention to the USA and France; the experience of developing/emerging countries with an emphasis on data availability and an example in the form of Egypt; and the role of quantitative easing in a possible revival of interest in monetary analysis.

Original languageEnglish
Title of host publicationMonetary Analysis at Central Banks
EditorsDavid Cobham
PublisherPalgrave Macmillan
Number of pages20
ISBN (Electronic)9781137593351
ISBN (Print)9781137593344
Publication statusPublished - 2016


  • Credit counterparts
  • Inflation targeting
  • Monetary targeting
  • Money multiplier
  • Polak model

ASJC Scopus subject areas

  • Economics, Econometrics and Finance(all)
  • General Business,Management and Accounting
  • General Social Sciences


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