This paper reviews the main developments in the theory of monetary policy that have taken place since the early decades of the 20th century. The starting point of the review is the quantity theory of money as a basis for monetary policy conduct under the Gold Standard. The collapse of the Gold...

We model relationships within as well as between two economic regions—Thailand and the rest of the world—and quantify changes in the spillover relationship between international forces and key Thai macroeconomic variables after the adoption of inflation targeting (2000-2008). Within the same...

The impending change in the global economic and nancial landscape will have important implications for the making of monetary policy in Thailand. This paper highlights two key challenges and proposes steps that can help strengthen the existing in ation targeting (IT) framework. First, we...

The impending change in the global economic and nancial landscape will have important implications for the making of monetary policy in Thailand. This paper highlights two key challenges and proposes steps that can help strengthen the existing in ation targeting (IT) framework. First, we...

Dramatic declines in inflation rates across Asia and falling prices in some countries have recently heightened fears of deflation. This paper aims to shed light on this issue by reviewing the cross-country evidence in Asia and highlighting key observations about recent price developments in the...

Since May 2000, the Bank of Thailand adopted inflation targeting as its monetary framework, making price stability the overriding policy objective. Understanding the inflation transmission mechanism is therefore crucial in policy assessment and decision-making. Of particular concern are the key...