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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,...
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Inflation in advanced economies is low by historical standards but there is no threat of deflation. Slower economic growth is caused by supply-side constraints rather than low inflation. Below-the-target inflation does not damage the reputation of central banks. Thus, central banks should not...
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central bank's design – progressively assumed a crucial role in the evolution of monetary policy economics in the last four … decades. The two factors jointly identify the importance of central bank governance in influencing monetary policy decisions …. Moreover, our understanding of the relevance of central bank governance has recently been enriched by applying the behavioural …
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