The science of monetary policy: the role and significance of core principles  In order to assess whether and to which degree monetary policy can be characterised as a science or has features of a science, it is useful to keep in mind that the two concepts “science” and “policy” are rather distinct and to explain what precisely we mean when we ask  BIS Review 103/2007  1  whether monetary policy will become more of a science.
After all, the science of a specific subject is the systematic and organised body of knowledge on that subject, knowledge which is founded on objective principles involving the observation of, and experiment with, certain phenomena. The subject we have in mind is not monetary economics, but monetary policy, that is a course of action adopted by an authority to achieve certain objectives.