Monetary Policy Frameworks in a Global Context

General introduction PART I Key issues in the choice of monetary policy framework 1 Introduction 2 A historical examination of inflation stability under alternative monetary frameworks 3 The use of explicit targets for monetary policy: practical experiences in 93 economies in the 1990s 4 The devil in the detail of monetary policy frameworks: issues and measures of monetary framework characteristics 5 The devil in the detail of monetary policy frameworks (2): interpreting measures of framework characteristics 6 What does independence mean to central banks? 7 Redesigning the monetary policy framework: practical Considerations; 8 Conclusions and summary PART II Monetary policy strategies; Monetary policy objectives in emerging markets in light of the Asian crisis; The role of the Monetary Policy Committee: strategic considerations; Establishing a reputation for dependability by means of inflation; Targets; PART III Transmission mechanisms and monetary frameworks; Modelling the transmission mechanism of monetary policy in the Czech Republic; Setting monetary policy instruments in Uganda; Monetary policy in a dollarised economy: the case of Peru; The Balassa-Samuelson effect and monetary targets PART IV Country experiences with different monetary strategies; Lessons from the Bundesbank on the occasion of its early retirement; What can inflation expectations and core inflation tell us about monetary policy in Japan? Inflation and money goals: the recent experience of monetary policy in Mexico; Inflation targets and stabilisation in Chile; Monetary policy and disinflation in Israel; Inflation targeting in the Czech Republic PART V Specifying and using targets; Core inflation as an indicator in monetary policy rules Specifying an inflation target: the case of administered prices and other candidates for exclusion Exchange rate considerations in a small open economy: a critical look at the MCI as a possible solution