20220127-IMF-Monetary_Policy_Frameworks_An_Index_and_New_Evidence_51页_1mb

报告摘要

Monetary Policy Frameworks: An Index and New Evidence (IMF Working Paper WP/22/22)

## Summary

This study introduces the **IAPOC Index (Independence, Accountability, Policy and Operational Strategy, Communications)** to comprehensively characterize monetary policy frameworks (MPFs) across three pillars:
1. **Independence and Accountability**  
   Assesses legal and practical arrangements, including central bank mandate, decision-making procedures, and integrity checks.
2. **Policy and Operational Strategy**  
   Evaluates strategy formulation, numerical targets, policy tools, and implementation mechanisms.
3. **Communications**  
   Measures proactive and regular communication with the public, survey responses, and the content of monetary policy reports.

**Key Findings:**
- **Evolution of MPFs**: Between 2007 and 2018, MPFs in **emerging markets (EMs)** and **low-income developing countries (LIDCs)** improved significantly, especially in operational strategy and communications. Advanced economies (AEs) started from a higher baseline but experienced smaller gains.
- **Pillar Contributions**: The **Policy and Operational Strategy** and **Communications** pillars drive heterogeneity in MPFs, while **Independence and Accountability** shows persistent trends over time.
- **Cross-Country Comparisons**: EMs and LIDCs still lag AEs in coherence and consistency, often due to eclectic, rapid shifts in policy tools and objectives (e.g., inflation targeting combined with capital flow management).
- **Critique of Existing Measures**: IAPOC exceeds transparency indices and monetary/exchange rate regimes by capturing dynamics across policy design and implementation.

**Policy Relevance**  
The index illuminates monetary policymaking in under-researched regions, highlights effectiveness gains, and underscores the value of multidimensional frameworks for monetary policy credibility.

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*Source: Filiz Unsal, Chris Papageorgiou, and Hendre Garbers (2022), IMF Working Paper WP/22/22.*

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