Abstract
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.
| 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