By Gabriel Sterne of the Bank of England’s Centre for Central Banking Studies.
This year the subject was ‘Monetary policy frameworks in a global context’, based on a report prepared by DeAnne Julius of the Bank’s Monetary Policy Committee and Maxwell Fry, Lavan Mahadeva, Sandra Roger and Gabriel Sterne of the Bank’s Centre for Central Banking Studies (CCBS). In this article Gabriel Sterne draws on one of the chapters of the report. The report uses a survey of 91 central banks to assess developments in monetary frameworks across a wide cross-section of economies. The final report, along with a selection of papers originally presented at a CCBS Academic Workshop in November 1998, will be published by Routledge in mid 2000.
The use of explicit targets for monetary policy: practical experiences of 91 economies in the 1990s