International Experiences with Different Monetary Policy Regimes

No 6965, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This paper examines the international experiences with four basic types of monetary policy regimes: 1) exchange-rate targeting, 2) monetary targeting, 3) inflation targeting, and 4) monetary policy with an implicit but not an explicit nominal anchor. The basic theme that emerges from this analysis is that transparency and accountability are crucial to constraining discretionary monetary policy so that it produces desirable long-run outcomes. Because the devil is in the details in achieving transparency and accountability, what strategy will work best in a country depends on its political, cultural and economic institutions and its past history.

JEL-codes: E5 (search for similar items in EconPapers)
Date: 1999-02
New Economics Papers: this item is included in nep-ifn and nep-pke
Note: ME EFG
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (217)

Published as Journal of Monetary Economics, Vol. 43, no. 3 (June 1999): 579-605.

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Related works:
Working Paper: International Experiences with Different Monetary Policy Regimes (2000)
Working Paper: International Experiences with Different Monetary Policy Regimes (1998)
Working Paper: International Experiences With Different Monetary Policy Regimes (1998)
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