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Economic Perspectives, Vol. 12, No. 1, January 1988
Looking back: The use of interest rates in monetary policy

Interest rates have both important advantages and a number of disadvantages as targets or indicators of monetary policy. This article discusses and evaluates these advantages and disadvantages and suggests ways in which the disadvantages--some of which are inherent in the use of interest rates, others the consequence of the particular way in which they have been used--can be overcome.

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