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Reviews of Foreign Central Banks' Monetary Policy Frameworks: Approaches, Issues, and Outcomes

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Abstract

We examine the experience of conducting reviews of monetary policy frameworks in the major advanced foreign economies since the Federal Open Market Committee's 2019–20 review. We find that periodic reviews are becoming the norm and have often been motivated by similar developments and challenges as those facing the Federal Reserve. In some cases, reviews were opportunities to alter numerical inflation objectives or clarify how policymakers balance fostering price stability and supporting employment and activity. In addition, foreign reviews emphasized the need for policy flexibility in pursuit of mandates. They also affirmed the usefulness of central banks' existing policy toolkits, while noting some concerns and limitations. Some reviews offered recommendations to improve communications.

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  • Grey Gordon & Julio L. Ortiz & Benjamin Silk, 2025. "Reviews of Foreign Central Banks' Monetary Policy Frameworks: Approaches, Issues, and Outcomes," Finance and Economics Discussion Series 2025-066, Board of Governors of the Federal Reserve System (U.S.).
    • Handle: RePEc:fip:fedgfe:2025-66
    DOI: 10.17016/FEDS.2025.066
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    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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