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The Policy Objectives and the Optimal Institutional Framework of a Central Bank

In: Towards More Effective Monetary Policy

Author

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  • Kunio Okina

Abstract

In recent years, an inflation targeting approach to monetary policy has been gaining popularity among European and Oceanian policymakers while the monetary targeting approach, which once dominated policy discussions in the 1970s, has been somewhat losing support, especially in the United States. In Europe, the scheduled emergence of Economic and Monetary Union and establishment of the European System of Central Banks have stimulated discussions on the desirable institutional framework for a central banking system to achieve price stability. At the same time, France, Italy, Belgium, and Spain have amended their statutory frameworks to strengthen the independence of their central banks.

Suggested Citation

  • Kunio Okina, 1997. "The Policy Objectives and the Optimal Institutional Framework of a Central Bank," Palgrave Macmillan Books, in: Iwao Kuroda (ed.), Towards More Effective Monetary Policy, chapter 13, pages 403-426, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-25382-1_13
    DOI: 10.1007/978-1-349-25382-1_13
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    Cited by:

    1. Mio, Hitoshi, 2002. "Identifying Aggregate Demand and Aggregate Supply Components of Inflation Rate: A Structural Vector Autoregression Analysis for Japan," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 20(1), pages 33-56, January.
    2. Lee, Byung Rhae & Lee, Kiseok & Ratti, Ronald A., 2001. "Monetary policy, oil price shocks, and the Japanese economy," Japan and the World Economy, Elsevier, vol. 13(3), pages 321-349, August.

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