International Experiences with Different Monetary Policy Regimes

This paper analyzes the basic parameters of monetary policy in 2000-2015 in Russia. We provide the overview of tools and objectives of monetary policy of the Bank of Russia and identify the periods of homogeneity of monetary policy regimes: from money base targeting to exchange rate targeting and finally, to interest rates policy. On the basis of this research we develop the recommendations for further quantitative research aimed at estimation of monetary policy effects in Russia.

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A Welfare Evaluation of East Asian Monetary Policy Regimes Under Foreign Output Shock

SSRN Electronic Journal ◽

10.2139/ssrn.2122188 ◽

2012 ◽

Author(s):

Joseph D. Alba ◽

Wai-Mun Chia ◽

Donghyun Park

Keyword(s):

Monetary Policy ◽

East Asian ◽

Policy Regimes ◽

Welfare Evaluation

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Alternative Monetary Policy Regimes With Multiple Currency Practices

SSRN Electronic Journal ◽

10.2139/ssrn.3563248 ◽

2020 ◽

Cited By ~ 1

Author(s):

Hamed Ghiaie ◽

Hossein Tavakolian ◽

Hamid Tabarraei

Keyword(s):

Monetary Policy ◽

Policy Regimes

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Monetary Policy in Sub-Saharan Africa

10.1093/oso/9780198785811.001.0001 ◽

2018 ◽

Cited By ~ 1

Keyword(s):

Monetary Policy ◽

Low Income ◽

Sub Saharan Africa ◽

Low Income Countries ◽

African Countries ◽

Policy Regimes ◽

Export Prices ◽

Policy Work ◽

Sub Saharan ◽

Policy Guidance

Having broadly stabilized inflation over the past two decades, many policymakers in sub-Saharan Africa are now asking more of their monetary policy frameworks. They are looking to avoid policy misalignments and respond appropriately to both domestic and external shocks, including swings in fiscal policy and spikes in food and export prices. In many cases they are finding current regimes—often characterized as ‘money targeting’—lacking, with opaque and sometimes inconsistent objectives, inadequate transmission of policy to the economy, and difficulties in responding to supply shocks. At the same time, little existing research on monetary policy is targeted to low-income countries. What do we know about the empirics of monetary transmission in low-income countries? (How) Does monetary policy work in countries characterized by a huge share of food in consumption, underdeveloped financial markets, and opaque policy regimes? (How) Can we use methods largely derived in advanced countries to answer these questions? And (how) can we use the results to guide policymakers? This book draws on years of research and practice at the IMF and in central banks from the region to shed empirical and theoretical light on these questions and to provide practical tools and policy guidance. A key feature of the book is the application of dynamic general equilibrium models, suitably adapted to reflect key features of low-income countries, for the analysis of monetary policy in sub-Saharan African countries.

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Introduction to Part I

10.1093/oso/9780198785811.003.0003 ◽

2018 ◽

Author(s):

Andrew Berg ◽

Rafael Portillo

Keyword(s):

Monetary Policy ◽

Structural Models ◽

Stylized Facts ◽

Policy Regimes ◽

Detailed Case ◽

Inaccurate Data ◽

Cross Country

Developing an understanding of monetary policy in LICs must start with the evidence. This chapter briefly reviews the challenges facing the empirical researcher in SSA, including scarce and inaccurate data, short policy regimes that make powerful inference difficult, and the lack of structural models to help interpret the data. It provides an overview of Chapters 4–6, which take three very different approaches to looking at these data: a broad search for cross-country stylized facts (Chapter 4), a detailed case study of a major monetary policy event (Chapter 5), and an examination of whether vector auto-regressions (VARs)—the workhorse empirical tool in this area—are likely to yield useful results in the SSA context (Chapter 6).

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