{
  "title": "Advancing the Frontiers of Monetary Policy",
  "publication": "Books, April 13, 2018",
  "sourceUrl": "https://www.imf.org/en/publications/books/issues/2018/10/25/advancing-the-frontiers-of-monetary-policy-45373",
  "canonical": "https://www.imf.org/en/publications/books/issues/2018/10/25/advancing-the-frontiers-of-monetary-policy-45373",
  "overlayPath": "/en/publications/books/issues/2018/10/25/advancing-the-frontiers-of-monetary-policy-45373/index.md",
  "summary": "Contributors working at the International Monetary Fund present 14 chapters on the development of monetary policy over the past quarter century through the lens of the evolution of inflation-forecast targeting.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Contributors working at the International Monetary Fund present 14 chapters on the development of monetary policy over the past quarter century through the lens of the evolution of inflation-forecast targeting.\n- The book describes the principles and practices of inflation-forecast targeting, including managing expectations, the implementation of a forecasting and policy analysis system, monetary operations, monetary policy and financial stability, financial conditions, and transparency and communications.\n- It examines aspects of inflation-forecast targeting in Canada, the Czech Republic, India, and the US.\n- It addresses monetary policy challenges faced by low-income countries and how inflation-forecast targeting can provide an anchor in countries with different economic structures and circumstances."
    },
    {
      "heading": "Topics and substantive findings",
      "content": "- Inflation-forecast targeting: principles and practices.\n- Managing expectations as a core element of monetary policy strategy.\n- Implementation of a forecasting and policy analysis system (FPAS).\n- Design and conduct of monetary operations.\n- Interaction between monetary policy and financial stability.\n- Role of financial conditions in the transmission mechanism.\n- Importance of transparency and communications for policy effectiveness.\n- Applicability and adaptation of inflation-forecast targeting across diverse country contexts, including low-income countries."
    },
    {
      "heading": "Country and regional focus",
      "content": "- Canada\n- Czech Republic\n- India\n- United States\n- Low-income countries and Sub-Saharan Africa (as part of keywords indicating regional relevance)"
    },
    {
      "heading": "Subjects and keywords (as provided)",
      "content": "- Subjects: Banking, Central bank policy rate, Financial services, Inflation, Inflation targeting, Monetary policy, Output gap, Prices, Production, Real interest rates\n- Keywords: Africa, BOOK, central bank, Central bank policy rate, Global, Inflation, inflation expectation, inflation rate, Inflation targeting, monetary policy, monetary policy committee, monetary policy report, Output gap, quantitative easing, Real interest rates, Sub-Saharan Africa, transmission mechanism\n\n---\n\n\nSource: https://www.imf.org/en/publications/books/issues/2018/10/25/advancing-the-frontiers-of-monetary-policy-45373"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/books/issues/2018/10/25/advancing-the-frontiers-of-monetary-policy-45373/index.md)",
    "[Structured JSON version](/en/publications/books/issues/2018/10/25/advancing-the-frontiers-of-monetary-policy-45373/index.json)",
    "[Bundle manifest](/en/publications/books/issues/2018/10/25/advancing-the-frontiers-of-monetary-policy-45373/bundle-manifest.json)",
    "Authors: Tobias Adrian, Douglas Laxton, Maurice Obstfeld",
    "Published: April 13, 2018",
    "Series: Books",
    "DOI: https://doi.org/10.5089/9781484325940.071",
    "Contributors working at the International Monetary Fund present 14 chapters on the development of monetary policy over the past quarter century through the lens of the evolution of inflation-forecast targeting.",
    "The book describes the principles and practices of inflation-forecast targeting, including managing expectations, the implementation of a forecasting and policy analysis system, monetary operations, monetary policy and financial stability, financial conditions, and transparency and communications.",
    "It examines aspects of inflation-forecast targeting in Canada, the Czech Republic, India, and the US.",
    "It addresses monetary policy challenges faced by low-income countries and how inflation-forecast targeting can provide an anchor in countries with different economic structures and circumstances.",
    "Inflation-forecast targeting: principles and practices.",
    "Managing expectations as a core element of monetary policy strategy.",
    "Implementation of a forecasting and policy analysis system (FPAS).",
    "Design and conduct of monetary operations.",
    "Interaction between monetary policy and financial stability.",
    "Role of financial conditions in the transmission mechanism.",
    "Importance of transparency and communications for policy effectiveness.",
    "Applicability and adaptation of inflation-forecast targeting across diverse country contexts, including low-income countries.",
    "Canada",
    "Czech Republic",
    "India",
    "United States",
    "Low-income countries and Sub-Saharan Africa (as part of keywords indicating regional relevance)",
    "Subjects: Banking, Central bank policy rate, Financial services, Inflation, Inflation targeting, Monetary policy, Output gap, Prices, Production, Real interest rates",
    "Keywords: Africa, BOOK, central bank, Central bank policy rate, Global, Inflation, inflation expectation, inflation rate, Inflation targeting, monetary policy, monetary policy committee, monetary policy report, Output gap, quantitative easing, Real interest rates, Sub-Saharan Africa, transmission mechanism"
  ],
  "alternates": {
    "markdown": "/en/publications/books/issues/2018/10/25/advancing-the-frontiers-of-monetary-policy-45373/index.md",
    "json": "/en/publications/books/issues/2018/10/25/advancing-the-frontiers-of-monetary-policy-45373/index.json",
    "bundleManifest": "/en/publications/books/issues/2018/10/25/advancing-the-frontiers-of-monetary-policy-45373/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-19T04:41:11.678Z"
}