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Monetary policy frameworks: gradual implementation of steadily evolving theory

Author(s): Anton JevĨák

Monetary policy frameworks: gradual implementation of steadily evolving theorypdf(256 kB) Choose translations of the previous link 

This Economic Brief reviews the main features of monetary policy frameworks implemented by the major central banks following the collapse of the Bretton Woods system in the early 1970s. It discusses how these frameworks were affected by the academic views prevailing at the time and also (vice versa) how the experiences of monetary authorities were reflected in contemporary academic work. It shows that theory and practice of monetary policy conduct continuously influence each other and are thus closely interrelated. While some features of policy frameworks proved to be more persistent, some were rather short-lived. The emphasis on longer-term price stability clearly emerged as an essential feature of sound monetary policy and is currently reflected in the policy frameworks of all major central banks.

(ECFIN Economic Briefs 29. January 2014. Brussels. pdf. 14pp. Graph. Bibliogr. )

KC-AY-14-029-EN-N (online)
ISBN 978-92-79-35333-8 (online)
ISSN 1831-4473 (online)
doi: 10.2765/72194 (online)

JEL classification: B41,E52, E58, N10

ECFIN economic briefs are occasional working papers by the European Commission’s Directorate-General for Economic and Financial Affairs which provide background to policy discussions.

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