International Experiences with Different Monetary Policy Regimes

48 Pages Posted: 6 May 1999 Last revised: 12 Oct 2010

See all articles by Frederic S. Mishkin

Frederic S. Mishkin

Columbia Business School - Finance and Economics; National Bureau of Economic Research (NBER)

Date Written: February 1999

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.

Suggested Citation

Mishkin, Frederic S., International Experiences with Different Monetary Policy Regimes (February 1999). NBER Working Paper No. w6965, Available at SSRN: https://ssrn.com/abstract=151688

Frederic S. Mishkin (Contact Author)

Columbia Business School - Finance and Economics ( email )

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