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

Kunio Okina

Chapter 13 in Towards More Effective Monetary Policy, 1997, pp 403-426 from Palgrave Macmillan

Abstract: 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.

Keywords: Monetary Policy; Central Bank; Money Supply; Policy Objective; Price Stability (search for similar items in EconPapers)
Date: 1997
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-25382-1_13

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DOI: 10.1007/978-1-349-25382-1_13

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