Evolution of monetary policy frameworks in the post-crisis environment

This paper evaluates the changes in monetary policy frameworks made by 14 central banks in advanced economies over the period 2007-2018. We draw several conclusions about the evolution of their monetary policy strategies. There has been a tendency among central banks to move towards more narrowly defined inflation targets and to lower the (mid)point of the target. Additionally, transparency and commitment of central banks have been enhanced, and monetary policy toolkit has been expanded.

Keywords: advanced economies; monetary policy framework.
JEL classifications: E52, E58.

Working paper no. 664