## How to Measure the Monetary Policy Stance

_IMF How To Notes, January 30, 2025_

## Source details

**Canonical URL:** [How to Measure the Monetary Policy Stance](https://www.imf.org/en/publications/imf-how-to-notes/issues/2025/01/30/how-to-measure-the-monetary-stance-561248)

## Other formats

- [Markdown version](/en/publications/imf-how-to-notes/issues/2025/01/30/how-to-measure-the-monetary-stance-561248/index.md)
- [Structured JSON version](/en/publications/imf-how-to-notes/issues/2025/01/30/how-to-measure-the-monetary-stance-561248/index.json)
- [Bundle manifest](/en/publications/imf-how-to-notes/issues/2025/01/30/how-to-measure-the-monetary-stance-561248/bundle-manifest.json)

## Bibliographic details
- Authors: Olamide Harrison, Vina Nguyen
- Published: January 30, 2025
- Series: IMF How To Notes
- DOI: https://doi.org/10.5089/9798400298882.061

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### Overview and purpose
- Provides a conceptual framework to organize discussions of the appropriateness of the monetary policy stance.
- Presents tools that country teams can employ to measure, report, and evaluate the stance of monetary policy.
- Focuses exclusively on aggregate demand considerations—on whether the stance is tight or loose.

### Scope and exclusions
- Excludes assessment of whether a given stance is appropriate for achieving policy objectives; assessing appropriateness requires considering aggregate supply and Phillips Curve trade-offs.
- Does not cover other macroeconomic policies, such as macroprudential or fiscal measures, which could also have a considerable impact on the effectiveness of monetary policy.

### Key subjects and keywords
- Subject: Central bank policy rate, Financial services, Inflation, Monetary policy, Monetary stance, Prices, Real interest rates, Yield curve
- Keywords: ante real interest rates, Central bank policy rate, data IMF Library, Global, Inflation, inflation expectation, Monetary policy stance, Monetary stance, natural interest rate, neutral interest rate, publication order, Real interest rates, yield curve

### Publication and metadata
- Authors: Olamide Harrison, Vina Nguyen
- Publication date: January 30, 2025
- Pages: 24
- Volume: 2025
- Issue: 003
- Series: How-To Note No 2025/003
- DOI: https://doi.org/10.5089/9798400298882.061
- Stock No: HTNEA2025003
- ISBN: 9798400298882
- ISSN: 2522-7912

*International Monetary Fund — How to Measure the Monetary Policy Stance (IMF How To Notes, 2025).*

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## Content in this bundle

- **How to Measure the Monetary Policy Stance**
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  - [How to Measure the Monetary Policy Stance (PDF)](/-/media/files/publications/howtonotes/2025/english/htnea2025003.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/imf-how-to-notes/issues/2025/01/30/how-to-measure-the-monetary-stance-561248_