Inernational Experiences with Different Monetary Policy Regimes
1998 (English)Report (Other academic)
In recent years a growing consensus has emerged for price stability as the overriding, long-run goal of monetary policy. However, despite this consensus, the following question still remains: how should monetary policy be conducted to achieve the price stability goal? This paper examines the experience with different monetary policy regimes currently in use in a number of countries to shed light on this question.
A central feature of all of the monetary regimes discussed here is the use of a nominal anchor in some form, so first we will examine what role a nominal anchor plays in promoting price stability. Then we will examine 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 paper then concludes with an overall assessment of the different monetary regimes and draws some policy conclusions.
Place, publisher, year, edition, pages
Stockholm: Institute for International Economic Studies, Stockholm University , 1998. , 53 p.
Seminar Paper / Institute for International Economic Studies, Stockholm University, ISSN 0347-8769 ; 648
IdentifiersURN: urn:nbn:se:su:diva-41040OAI: oai:DiVA.org:su-41040DiVA: diva2:327976