TY  - JOUR
AU  - Mishkin,Frederic S.
TI  - International Experiences with Different Monetary Policy Regimes
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 6965
PY  - 1999
Y2  - February 1999
UR  - http://www.nber.org/papers/w6965
L1  - http://www.nber.org/papers/w6965.pdf
N1  - Author contact info:
Frederic S. Mishkin
Columbia University
Graduate School of Business
Uris Hall 817
3022 Broadway
New York, NY 10027
Tel: 212-854-3488
Fax: 212/662-8474
E-Mail: fsm3@columbia.edu
AB  - 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.
ER  -