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The part of the sentence "effectiveness of monetary policy" is correct and usable in written English.
You can use it when discussing topics such as the economy, fiscal policy, and public finance. For example: "The effectiveness of monetary policy has been greatly debated among economists, with some believing it to be the most efficient way to control inflation."
Exact(23)
The first would be to make moot concerns about the effectiveness of monetary policy.
The effectiveness of monetary policy, he says, is constrained by firms' lack of demand for credit.
All this reduces the effectiveness of monetary policy in dealing with the bust and exacerbates its unwelcome side-effects.
Federal Reserve officials have complained for years that the rest of the government is impeding the effectiveness of monetary policy.
Draghi's comments reflected evidence that "the effectiveness of monetary policy is clearly diminishing", said Alasdair Cavalla at the consultancy the Centre for Economics and Business Research.
Without a banking union, cross-border capital flows can be restricted, the effectiveness of monetary policy impaired and, in the extreme, the viability of the union itself undermined.
Similar(37)
The paper evaluates the distributional effect of monetary policy.
This paper analyzes the effectiveness of delegation in solving the time inconsistency problem of monetary policy using a microfounded general equilibrium model where delegation and reappointment are explicitly included into the government's strategy.
As Royal Bank of Scotland started charging some clients to hold their cash, its chairman has questioned the effectiveness of ultra-low interest rates and called for a rethink of monetary policy.
What kind of monetary policy is it?
Any use of monetary policy entails risks, of course.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com