Monetary policy aspects:

Monetary policy is generally effective for controlling the inflation. However during the Great Depression of the year 1930s, it was found to be unproductive. Therefore Keynes recommended a bold and dynamic fiscal policy to tackle the troubles of mass unemployment and bad trade characterized by falling prices and shortage in aggregate demand. However since 1970s, the world has been facing the trouble of stagflation marked by stagnation and lack of demand on one hand and inflation on the other. In the situation of stagflation, both monetary policy and fiscal policy are determined ineffective. Therefore incomes policy like voluntary restraint on wages by employees, and on prices by producers has been recommended as a complement to the monetary and fiscal policy.

The usual techniques of credit control are not operative in an efficient manner. Two main conditions necessary for the success of the credit policy are the reliance of the money market upon commercial banks and reliance of the commercial banks on the central bank for their funds. Both such conditions have been only partly fulfilled in many countries.

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