A Three-Dimensional Model for Cross-Country Analysis of Determinants of Monetary Policy Framework

摘要: This paper proposes the first analytical model that systematically divides determinants of monetary policy frameworks according to degree endogeniety from point view authority into three dimensions, namely, institutional, structural and other determinants. In order demonstrate potential applications in a cross-country analysis, was applied case study covering period 1996 2000 seven industrialized developing countries. Primarily, results showed while countries were inferior terms institutional aspects facing higher uncertainties conducting framework, their conditions theoretically more favorable adopting aggregate targeting. Similar findings found pursuing inflation Within each group, characteristics diverse with no specific homogeneity. Still, validity these requires further research steps include larger number