A comprehensive classification of monetary policy frameworks in advanced and emerging economies

David Cobham

doi:10.1093/oep/gpz056

A comprehensive classification of monetary policy frameworks in advanced and emerging economies

David Cobham

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11 Citations (Scopus)

202 Downloads (Pure)

Abstract

The paper presents a new classification of monetary policy frameworks that 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 pre-announced targets and actual performance. The classification (available at www.monetaryframeworks.org) also emphasizes the underlying monetary and financial infrastructure that 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
Pages (from-to)	2–26
Number of pages	25
Journal	Oxford Economic Papers
Volume	73
Issue number	1
Early online date	20 Sept 2019
DOIs	https://doi.org/10.1093/oep/gpz056
Publication status	Published - Jan 2021

Keywords

monetary policy framework
discretion
inflation targeting
exchange rate targeting
monetary targeting
E42
E52
F33

ASJC Scopus subject areas

Economics and Econometrics

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10.1093/oep/gpz056

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This is a pre-copyedited, author-produced version of an article accepted for publication in Oxford Economic Papers following peer review. The version of record David Cobham, A comprehensive classification of monetary policy frameworks in advanced and emerging economies, Oxford Economic Papers, gpz056, is available online at https://doi.org/10.1093/oep/gpz056
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A comprehensive classification of monetary policy frameworks in advanced and emerging economies

Abstract

Keywords

ASJC Scopus subject areas

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