NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

International Experiences with Different Monetary Policy Regimes

Frederic S. Mishkin

NBER Working Paper No. 6965
Issued in February 1999
NBER Program(s):ME, EFG

This paper examines the international experiences with four basic types of monetary policy regimes: 1) exchange-rate targeting, 2) monetary targeting, 3) inflation targeting, and 4) monetary policy with an implicit but not an explicit nominal anchor. The basic theme that emerges from this analysis is that transparency and accountability are crucial to constraining discretionary monetary policy so that it produces desirable long-run outcomes. Because the devil is in the details in achieving transparency and accountability, what strategy will work best in a country depends on its political, cultural and economic institutions and its past history.

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Document Object Identifier (DOI): 10.3386/w6965

Published: Journal of Monetary Economics, Vol. 43, no. 3 (June 1999): 579-605.

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