01736cas a2200253 a 4500 AALejournalIMF003205 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451859744 1018-5941 BD-DhAAL BD-DhAAL Bhundia, Ashok. A New Taxonomy of Monetary Regimes / Ashok Bhundia, Mark Stone. Washington, D.C. : International Monetary Fund, 2004. 1 online resource (43 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper proposes a new taxonomy of monetary regimes defined by the choice and clarity of the nominal anchor. The regimes are as follows: (i) monetary nonautonomy, (ii) weak anchor, (iii) money anchor, (iv) exchange rate peg, (v) full-fledged inflation targeting, (vi) implicit price stability anchor, and (vii) inflation targeting lite. This taxonomy captures the commitment-discretion tradeoffs that lie at the heart of choosing a monetary regime. During the last 15 years the world has moved toward monetary regimes with less discretion. Empirical analysis suggests that country regime choices reflect the level of financial and economic development and recent inflation history. Mode of access: Internet Stone, Mark. IMF Working Papers; Working Paper ; No. 2004/191 Full text available on IMF http://elibrary.imf.org/view/journals/001/2004/191/001.2004.issue-191-en.xml IMF e-Library