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International Experiences with Different Monetary Policy Regimes

  • Mishkin, F.S.

In recent years a growing consensus has emerged for price stability as the overriding, long-run goal of monetary policy. However, despite this consensus, the following question still remains: how should monetary policy be conducted to achieve the price stability goal? This paper examines the experience with different monetary policy regimes currently in use in a number of countries to shed light on this question. A central feature of all of the monetary regimes discussed here is the use of a nominal anchor in some form, so first we will examine what role a nominal anchor plays in promoting price stability.

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Paper provided by Stockholm - International Economic Studies in its series Papers with number 648.

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Date of creation: 1998
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Handle: RePEc:fth:stocin:648
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