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Economic performance under different monetary policy frameworks

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Cobham_2022_JPM_Economicperformance_CC.pdf (370.6Kb)
Date
12/03/2022
Author
Cobham, David
Macmillan, Peter
Mason, Connor
Song, Mengdi
Keywords
Economic growth
Exchange rate targeting
Inflation
Inflation targeting
Monetary policy framework
HG Finance
3rd-DAS
AC
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Abstract
We examine the economic performance (inflation and growth) associated with different monetary policy frameworks, presenting unconditional and conditional analyses, 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, that is from changes in the choice of framework, but in part, and perhaps more strongly, reflects a more general trend towards better economic performance related to changes in decision-making within the frameworks. Our results suggest that the choice of MPF is an important, but by no means the only, determinant of economic performance, and therefore not the only consideration for policymakers looking to improve economic performance.
Citation
Cobham , D , Macmillan , P , Mason , C & Song , M 2022 , ' Economic performance under different monetary policy frameworks ' , Journal of Policy Modeling , vol. 44 , no. 2 , pp. 431-449 . https://doi.org/10.1016/j.jpolmod.2022.03.001
Publication
Journal of Policy Modeling
Status
Peer reviewed
DOI
https://doi.org/10.1016/j.jpolmod.2022.03.001
ISSN
0161-8938
Type
Journal article
Rights
© 2022 The Authors. Published by Elsevier Inc. on behalf of The Society for Policy Modeling. Open Access article licensed under Creative Commons Attribution CC-BY 4.0.
Collections
  • University of St Andrews Research
URL
https://ideas.repec.org/p/pra/mprapa/106985.html
URI
http://hdl.handle.net/10023/25542

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