Monetary Policy Frameworks: An Index and New Evidence

Author: Filiz Unsal D, Papageorgiou Chris, and Garbers Hendre

Volume/Issue: Volume 2022 Issue 022

Publication date: January 2022

ISBN: 9798400201110

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Topics covered in this book

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Banks and Banking , Economics- Macroeconomics , Money and Monetary Policy , Economics / General , 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

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Summary

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.