English, Article, Journal or magazine article edition: The Swiss National Bank's monetary policy policy concept - an example of a 'principles-based' policy framework Baltensperger, Ernst; Hildebrand, Philipp M.; Jordan, Thomas J.

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Bookmark: http://trove.nla.gov.au/version/22672
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • The Swiss National Bank's monetary policy policy concept - an example of a 'principles-based' policy framework
Author
  • Baltensperger, Ernst
  • Hildebrand, Philipp M.
  • Jordan, Thomas J.
Physical Description
  • preprint
Notes
  • The practice of monetary policy has evolved a great deal since the early 1990s. This evolution was significantly influenced by rapid developments in the theory of monetary policy. A new consensus about 'principles-based' monetary policy appears to be emerging. It marries a firm long-term anchor for nominal stability, rooted in the original ideas behind inflation targeting, with short-term flexibility, based on a more discretionary and pragmatic approach to monetary policy. The SNB's monetary policy framework - with a firm nominal anchor but with an emphasis on the need for flexibility - reflects, to a considerable degree, the emerging academic consensus about best-practice monetary policy. With its successful seven-year track record, it may serve as an interesting case study for a policy aiming at an intermediate position between full discretion and rigidly defined short-term inflation targeting.
  • Swiss National Bank; monetary policy; inflation targeting; rules; discretion
  • RePEc:ris:snbecs:2007_003
Language
  • English
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