A comprehensive classification of monetary policy frameworks in advanced and emerging economies. (20th September 2019)

• Record Type: Journal Article
• Authors: Cobham, David
• Is Part Of: Oxford economic papers. Volume 73:Number 1(2021)
• Page Start: 2
• Page End: 26
• Publication Date: 2019-09-20
• Subjects: E42 -- E52 -- F33; Economics -- Periodicals; 330.05
• DOI: 10.1093/oep/gpz056
• Languages: English
• ISSNs: 0030-7653

Abstract

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.