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Monetary policy frameworks : an index and new evidence

Unsal, D. Filiz; Papageorgiou, Chris; Garbers, Hendre - 2022

We provide a multidimensional characterization of monetary policy frameworks across three pillars: Independence and Accountability, Policy and Operational Strategy, and Communications (IAPOC). We construct the IAPOC index by analyzing central banks' laws and websites for 50 advanced economies,...

Persistent link: https://www.econbiz.de/10013170321

Central Bank Financial Strength, Policy Constraints and Inflation

Stella, Peter - 2008

Central bank financial strength is positively associated with good policy performance. Financially weak central banks generate losses which undermine macroeconomic stability and call into question the credibility of their policies. In assessing central bank financial strength a careful...

Persistent link: https://www.econbiz.de/10014402002

Twenty years of unconventional monetary policies : lessons and way forward for the Bank of Japan

Westelius, Niklas J. - 2020

The Bank of Japan has used unconventional monetary policies to fight deflation and stabilize the financial system since … the late 1990s. While the Bank of Japan's reflation efforts have evolved over time, inflation and inflation expectations … have remained stubbornly low. This paper examines the evolution of monetary policy in Japan over the past twenty years, in …

Persistent link: https://www.econbiz.de/10012392475

Governance Structures and Decision-Making Roles in Inflation-Targeting Central Banks

Tuladhar, Anita - 2005

This paper surveys decision-making roles of governing bodies of central banks that have formally adopted inflation … primary monetary policy objective but seldom require an explicit numerical inflation target. Governments are frequently …

Persistent link: https://www.econbiz.de/10014404225

Is Poland Ready for Inflation Targeting?

Christoffersen, Peter F. - 1999

Monetary policymakers in advanced transition economies such as Poland are increasingly interested in how inflation … responds to changes in policy instruments and other economic forces. In this paper, measures of underlying CPI inflation based … economic variables is then studied via Granger causality tests and impulse responses and a multivariate model of CPI inflation …

Persistent link: https://www.econbiz.de/10014401196

Achieving and Maintaining Price Stability in Nigeria

Batini, Nicoletta - 2004

inflation combined with a free float seems to be the ultimate option. The paper shows how to design and operationalize such a …

Persistent link: https://www.econbiz.de/10014401300

The Fiscal Abuse of Central Banks

Fry, Maxwell J. - 1993

This paper reviews the fiscal activities that governments in a sample of 26 developing countries have obliged their central banks to undertake. In the main, these activities fall under five categories: (1) collecting seigniorage; (2) imposing financial restriction; (3) implementing selective...

Persistent link: https://www.econbiz.de/10014396498

Latin American Central Bank Reform : Progress and Challenges

International Monetary Fund - 2005

reducing inflation from three-digit annual rates in the 1990s to single-digit territory in 2004. The paper also discusses the …

Persistent link: https://www.econbiz.de/10014400741

Issues in Central Bank Finance and Independence

Lönnberg, Åke - 2008

Conventional economic policy models focus only on selected elements of the central bank balance sheet, in particular monetary liabilities and sometimes foreign reserves. The canonical model of an ""independent"" central bank assumes that it chooses money (or an interest rate), unconstrained by a...

Persistent link: https://www.econbiz.de/10014401527

Monetary Policy and the Central Bank in Jordan

Maziad, Samar - 2009

inflation and a measure of the domestic output gap …

Persistent link: https://www.econbiz.de/10014402382