The analysis of any monetary policy framework necessarily extends beyond the confinements of the central bank. A country's monetary framework can depend on many factors such as its form of government, its legal system, the level of expertise in monetary policy matters that exists inside and outside the central bank, the country's financial institutions, as well as wider characteristics including the political system and level of literacy. This broad-ranging collection focuses on the monetary policy frameworks used by central banks and governments in their attempt to achieve their various goals, of which price stability has become increasingly unpopular. Monetary Policy Frameworks in a Global Context assesses the links between targets and central bank independence, accountability and the transparency of monetary policy.
Based on data collected through a questionnaire completed by over seventy central banks in industrialised, transitional and developing economies, the analysis shows how the detailed characteristics of a monetary framework depend upon: * structural differences * varying degrees of indexation and other nominal rigidities that affect the speed of transmissio from monetary policy to inflation * institutional arrangements and analytical constraints that influence the way in which monetary policy can respond. This original and comprehensive text, with contributions from renowned experts, will be of great value to professional economists and students of economics and banking alike. Monetary Policy Frameworks in a Global Context was named Book of the Year, 2000 by Central Banking journal