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Economic performance under different monetary policy frameworks

David Cobham (), Peter Macmillan, Connor Mason and Mengdi Song

MPRA Paper from University Library of Munich, Germany

Abstract: We first outline the major trends in monetary policy frameworks, which are shifts towards inflation targeting and towards frameworks which offer higher degrees of monetary control. We then examine the economic performance (inflation and growth) associated with different frameworks, presenting unconditional and conditional analyses, running regressions weighted by GDP and population as well as by the number of countries, and using predictions of countries’ monetary policy framework choices to address the issue of endogeneity. We find some differences in performance associated with the different monetary policy frameworks, together with a general improvement over time which is explained in part by the trends towards inflation targeting and more precise monetary control but in part, and perhaps more strongly, reflects a more general trend towards better economic performance.

Keywords: monetary policy framework; exchange rate targeting; inflation targeting; inflation; economic growth; weighted regressions (search for similar items in EconPapers)
JEL-codes: E52 E61 F41 (search for similar items in EconPapers)
Date: 2021-04-03
New Economics Papers: this item is included in nep-cba, nep-cwa, nep-mac, nep-mon and nep-opm
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