国外央行货币政策框架综述：方法、问题和结果

Federal Reserve Board, Washington, D.C.ISSN 1936-2854 (Print)ISSN 2767-3898 (Online) Reviews of Foreign Central Banks’ Monetary Policy Frameworks:Approaches, Issues, and Outcomes Grey Gordon, Julio Ortiz, Benjamin Silk 2025-066 Please cite this paper as:Gordon, Grey, Julio Ortiz, and Benjamin Silk (2025). “Reviews of Foreign Central Banks’Monetary Policy Frameworks: Approaches, Issues, and Outcomes,” Finance and EconomicsDiscussion Series 2025-066. Washington: Board of Governors of the Federal Reserve System,https://doi.org/10.17016/FEDS.2025.066. NOTE: Staff working papers in the Finance and Economics Discussion Series (FEDS) are preliminarymaterials circulated to stimulate discussion and critical comment.The analysis and conclusions set forthare those of the authors and do not indicate concurrence by other members of the research staff or theBoard of Governors. References in publications to the Finance and Economics Discussion Series (other thanacknowledgement) should be cleared with the author(s) to protect the tentative character of these papers. Reviews of Foreign Central Banks’ Monetary PolicyFrameworks: Approaches, Issues, and Outcomes Grey Gordon, Julio Ortiz, Benjamin Silk The analysis in this paper was presented to the Federal Open Market Committee as backgroundfor its discussion of the Federal Reserve’s 2025 review of its monetary policy strategy, tools, andcommunications.1 Abstract:We examine the experience of conducting reviews of monetary policy frameworks inthe major advanced foreign economies since the Federal Open Market Committee’s 2019–20review. We find that periodic reviews are becoming the norm and have often been motivated bysimilar developments and challenges as those facing the Federal Reserve. In some cases,reviews were opportunities to alter numerical inflation objectives or clarify how policymakersbalance fostering price stability and supporting employment and activity. In addition, foreignreviews emphasized the need for policy flexibility in pursuit of mandates. They also affirmedthe usefulness of central banks’ existing policy toolkits, while noting some concerns andlimitations. Some reviews offered recommendations to improve communications. JEL Classification:E52, E58, F33. Keywords:Monetary policy review, monetary policy strategies, monetary policy tools, centralbank communications, foreign monetary policy. 1.Introduction and overview This paper examines the experience of conducting reviews of monetary policyframeworks in the major advanced foreign economies (AFEs) since around the time of theFederal Open Market Committee’s (FOMC) 2019–20 review.1A monetary policy frameworkconsists of the goals, policy strategy, tools, and communication practices employed by a centralbank in support of its monetary policy mandate. Reviews by central banks have considered, attimes, some or all of these elements as well as important related issues, including governance,economic analysis, and projections.2 First, we look at the conduct and scope of foreign reviews. We find the following: •Occasional reviews are becoming the norm, being seen as useful for improving theconduct of monetary policy in constantly changing economic environments and forpromoting transparency and public understanding. •Reviews abroad have often been motivated by similar developments and challenges asthose underpinning the FOMC’s 2019–20 and 2025 reviews. oThe reviews conducted before the 2021–22 global run-up in inflation typicallyexplored the conduct of policy in low interest rate environments, notably policystrategies and tools to address the effective lower bound (ELB) on policy rates. oReviews conducted since then have tended to focus on the lessons from thepandemic and inflation episodes and the conduct and communication of policy intimes of unusual uncertainty. Then, we discuss the foreign reviews’ key outcomes, including the following: •In some cases, reviews were opportunities to alter numerical inflation objectives orclarify how policymakers balance fostering price stability and supporting employmentand activity. •Foreign reviews underscored the need for policy flexibility in pursuit of mandates. Theyalso affirmed the usefulness of central banks’ existing policy toolkits, while also notingsome concerns and limitations of these toolkits. •The reviews offered various recommendations to improve processes andcommunications, notably: oImproving forecasting and economic modeling, including investing in data andeconomic models.oTailoring communications to reach broader audiences.oEnhancing the communication of uncertainty with alternative scenarios. 2.Conduct of foreign reviews Occasional reviews are becoming a staple of central banking due to their perceived usefulness Table 1 summarizes various aspects related to the frequency, scope, and format of theframework reviews conducted by the eight AFE central banks analyzed in this paper: the Bankof Canada (BOC), Bank of England (BOE), Bank of Japa