Monetary Policy Implementation and Results in Twenty Inflation-Targeting Countries.

Abstract

Inflation targeting is an increasingly popular monetary regime among industrialized and developing central banks. However, there is little cross-country comparative information about commonalties and differences in monetary policy implementation and results across inflation-targeting countries. This paper presents the results of a survey on monetary policy conducted among the world’s twenty central banks that currently target inflation. Survey responses highlight operational features of monetary policy implementation, the ways monetary decisions are made and communicated to the public, and the models on which monetary policy decisions and macroeconomic forecasts are based. The paper also reports the dynamic simulation effects of monetary policy changes on output and inflation reported by individual central banks.

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