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Has Monetary Policy Become More Efficient? A Cross-Country Analysis

Stephen G. Cecchetti, Alfonso Flores-Lagunes and Stefan Krause
The Economic Journal
Vol. 116, No. 511 (Apr., 2006), pp. 408-433
Published by: Wiley on behalf of the Royal Economic Society
Stable URL: http://www.jstor.org/stable/3590425
Page Count: 26
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
Has Monetary Policy Become More Efficient? A Cross-Country Analysis
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Abstract

Over the past 20 years, macroeconomic performance has improved in industrialised and developing countries alike. In a broad cross-section of countries inflation volatility has fallen markedly while output variability has either fallen or risen only slightly. This increased stability can be attributed to some combination of more efficient monetary policy making, a reduction in the variability of supply shocks, and changes in the structure of the economy. We develop a method for allocating performance changes among these factors. For 21 of the 24 countries we study, more efficient monetary policy has been the driving force behind improved performance.

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