International experiences with different monetary policy regimes

• 成果类型: Article; Proceedings Paper
• 署名作者: Mishkin, FS
• 署名单位: Columbia University; National Bureau of Economic Research
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/S0304-3932(99)00006-9
• 发表日期: 1999
• 页码: 579-605
• 关键词: Monetary policy

摘要

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, a hat strategy will work best in a country depends on its political. cultural and economic institutions, as well as on its past history. (C) 1999 Published by Elsevier Science B.V. All rights reserved.