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Monetary Policy Frameworks: An Index and New Evidence
Author:
Ms. Filiz D Unsal
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Mr. Chris Papageorgiou
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Hendre Garbers
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Series:
IMF Working Papers
Volume/Issue:
Volume 2022: Issue 022
Language:
English
Publication Date:
28 Jan 2022
DOI:
https://doi.org/10.5089/9798400201110.001
ISBN:
9798400201110
ISSN:
1018-5941
Pages:
51
Keywords:
Monetary Policy; Monetary Policy Regime; Exchange Rate Regime; Central Banks; Central Bank Independence; Central Bank Transparency; IAPOC index; B. II; strengthening of Independence; regime classification; novel Policy; transparency indices; Monetary policy frameworks; Exchange rate arrangements; Inflation targeting; Exchange rate flexibility; Central bank autonomy; Africa; Global
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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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, emerging markets, and low-income developing countries, from 2007 to 2018. Due to its scope and granularity, our index provides a holistic view of monetary policy frameworks which goes beyond existing measures of transparency or independence, as well as monetary policy or exchange rate regime classifications. Comparing the IAPOC index across countries and over time, we find that monetary policymaking is varied, fast-changing, and eclectic across the Policy and Operational Strategy and Communications pillars, especially in emerging markets and low-income developing countries.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund