Other publications may include books, quarterly reviews, annual reports and economic bulletins from the ECB, PhD theses and Danmarks Nationalbank’s policies.

Monetary policy

Monetary-Policy Targets and Instruments

This articles discusses some of the theoretical aspects of monetary and foreign-exchange policy in small, open economies. The basic conclusion is that since monetary policy has only one instrument at its disposal, it can only meet one target. In addition, the monetary and foreign-exchange policies of the new EU member states are outlined, as well as the special circumstances impacting on their monetary-policy strategies prior to euro area membership.