This broad-ranging collection assesses the links between targets and central bank independence, accountability and the transparency of monetary policy. Renowned experts contribute to this original and comprehensive text which will be of great value to professional economists and students of economics and banking alike.
Monetary Policy Frameworks in a Global Context was named Book of the Year, 2000 by Central Banking journal
Table of ContentsIntroduction; Part I: 1:Introduction; 2:An Historical Examination of Inflation Stability Under Alternative Monetary Frameworks; 3:The Use of Explicit Targets for Monetary Policy: Practical Experiences in 93 Economies in he 1990's; 4:The Devil in the Detail of Monetary Policy Frameworks: Issues and Measures of Monetary Framework Characteristics; 5:The Devil in the Detail of Monetary Policy Frameworks (2):Interpreting Measures of Framework Characteristics; 6:What does Independence mean to Central Banks?; 7:Redesigning the Monetary Policy Framework:Practical Considerations; 8:Conclusions and summary; Part II:Monetary Policy Strategies; 9:Monetary Policy Objectives in Emerging Markets in light of the Asian Cisis; 10:The role of the Monetary Policy Committee Strategic Considerations and Operational Independence; 11:Establishing a reputation for Dependability by means of Inflation Targets; Part III:Transmission Mechanisms and Monetary Frameworks; 12:Modelling the Transmission Mechanism of Monetary Policy in the Czech Republic; 13:Setting Monetary Policy Instruments in Uganda; 14:Monetary Policy in a Dollarised Economy: The case of Peru; 15:The Balassa-Samuelson Effect and Monetary Targets; Part IV:Country Experiences with Different Monetary Strategies; 16:Lessons fromthe Bundesbank on the Occasion of its Early Retirement; 17:What can infaltion Expectations and core Inflation tell us about Monetary Policy in Japan?; 18:Inflation and Money Goals:The recent Experience of Monetary Policy in Mexico; 19:Inflation targets and Stabilisation in Chile; 20:Monetary Policy and Disinflation in Israel; 21:Inflation targeting in the Czech Republic; Part V:Specifying and Using Targets; 22:Core Inflation as an indicator in Monetary Policy Rules; 23:Specifying an Inflation Target: the case of Administered Prices and other candidates for exclusion; 24:Exchange rate considerations in a small open economy: a critical look at the MCI as a possible solution.