3 The efficacy of monetary policy in an age of financialisation and climate change
Malcolm Sawyer
Introduction
The analysis of monetary policy and its operations has to be located in the specificities of the banking and financial system to which the analysis applies.
The ability of a central bank to achieve its objectives depends upon how its operations affect the various elements that make up the money market. Hence, the efficacy of any particular technique of monetary policy depends upon the financial institutions and usages that exist. … However, if a period of rapid change in the structure or in the mode of functioning of financial markets occurs, then the efficacy of central bank actions has to be re-examined. ...
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