The effectiveness of monetary policy is a complex concept, difficult to define in an hard-and-fast way. In his attempt to capture the concept, the author points to the fact that monetary policy effectiveness can be analyzed with respect to various elements such as the goals, instruments, institutional structure, the degree to which the decisions are discretionary or finally the external environment. The paper focuses on the goals, or, put more broadly, the domain of monetary policy. In other words, it seeks to determine which objectives should be in the focus of this policy, which are best achieved with other means, and which should definitely not fall under monetary policy. The subsequent part of the paper, more general in its character, seeks to establish whether there has been any convergence in recent years between the key theoretical schools of thought on the issue. In this part, the author tries to determine the degree of materiality of thesis proposed by M. Goodfriend and R.G. King, declaring the advent of the so-called new neoclassical synthesis, which combines the elements of new Keynesian economics and the real business cycle school. The next part of the paper is devoted to arguments for and against extending monetary policy domain to the financial assets market (mainly the stock market). It is a crucial issue in the context of the current debate (notably in the United States) on the so-called new economy and new economics. The concluding part of the paper handles another important if neglected issue, that of monetary policy effectiveness in equilizing income distribution.