Abstract
| Original language | English |
|---|---|
| Journal | Oxford Economic Papers |
| Early online date | 20 Sep 2019 |
| DOIs | |
| Publication status | E-pub ahead of print - 20 Sep 2019 |
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Keywords
- monetary policy framework
- discretion
- inflation targeting
- exchange rate targeting
- monetary targeting
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A comprehensive classification of monetary policy frameworks for advanced and emerging economies. / Cobham, David.
In: Oxford Economic Papers, 20.09.2019.Research output: Contribution to journal › Article
TY - JOUR
T1 - A comprehensive classification of monetary policy frameworks for advanced and emerging economies
AU - Cobham, David
PY - 2019/9/20
Y1 - 2019/9/20
N2 - The paper presents a new classification of monetary policy frameworks which it applies to advanced and emerging economies for the period since the end of the Bretton Woods international monetary system, with a focus on the monetary authorities' objectives (domestic and external) and on both pre-announced targets and actual performance. The classification (available at www.monetaryframeworks.org) also emphasizes the underlying monetary and financial infrastructure which conditions the instruments available to the authorities and therefore the coherence of different frameworks. It is constructed mainly from a close reading of IMF Article IV consultation reports. The two major changes revealed by the data are the trends over time towards a heavier focus on inflation, and towards more systematic and coherent monetary arrangements.
AB - The paper presents a new classification of monetary policy frameworks which it applies to advanced and emerging economies for the period since the end of the Bretton Woods international monetary system, with a focus on the monetary authorities' objectives (domestic and external) and on both pre-announced targets and actual performance. The classification (available at www.monetaryframeworks.org) also emphasizes the underlying monetary and financial infrastructure which conditions the instruments available to the authorities and therefore the coherence of different frameworks. It is constructed mainly from a close reading of IMF Article IV consultation reports. The two major changes revealed by the data are the trends over time towards a heavier focus on inflation, and towards more systematic and coherent monetary arrangements.
KW - monetary policy framework
KW - discretion
KW - inflation targeting
KW - exchange rate targeting
KW - monetary targeting
U2 - 10.1093/oep/gpz056
DO - 10.1093/oep/gpz056
M3 - Article
JO - Oxford Economic Papers
JF - Oxford Economic Papers
SN - 0030-7653
ER -