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

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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 languageEnglish
Pages (from-to)2–26
Number of pages25
JournalOxford Economic Papers
Volume73
Issue number1
Early online date20 Sep 2019
DOIs
Publication statusPublished - Jan 2021

Keywords

  • monetary policy framework
  • discretion
  • inflation targeting
  • exchange rate targeting
  • monetary targeting

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