This spreadsheet contains
- the full menu classification, for each country, 1974-2014
- the aggregation by target variable, for each country, 1974-2014
- the aggregation by stage of development, for each country, 1974-2014
The classifications used and their definitions are these (tables taken from the discussion paper):
Table 1: The categories of the classification
| full name | acronym | definition | |
| 1 | Multiple direct controls | MDC | multiple exchange rates and/or controls on direct lending, interest rates, etc |
| 2 | Pure exchange rate fix | PERF | exchange rate fixed purely by intervention, no monetary instruments in use |
| 3 | Augmented exchange rate fix | AERF | exchange rate fixed by intervention, some basic monetary instruments in use |
| 4 | Pure currency board | PCB | domestic currency 100% backed by foreign currency, no monetary instruments in use |
| 5 | Augmented currency board | ACB | domestic currency 100% backed by foreign currency, basic monetary instruments in use |
| 6 | Unstructured discretion | UD | ineffective set of instruments and incoherent mix of objectives |
| 7 | Loose exchange rate targeting | LERT | narrow stationary targets not well hit or wider targets attained |
| 8 | Loose converging exchange rate targeting | LCERT | converging narrow targets not well hit or wider targets attained |
| 9 | Loose monetary targeting | LMT | narrow stationary targets not well hit or wider targets attained |
| 10 | Loose converging monetary targeting | LCMT | converging narrow targets not well hit or wider targets attained |
| 11 | Loose inflation targeting | LIT | narrow stationary targets not well hit or wider targets attained |
| 12 | Loose converging inflation targeting | LCIT | converging narrow targets not well hit or wider targets attained |
| 13 | Monetary with exchange rate targeting | MwERT | monetary targets and exchange rate fixes or targets, monetary dominant |
| 14 | Exchange rate with monetary targeting | ERwMT | monetary targets and exchange rate fixes or targets, exchange rate dominant |
| 15 | Monetary plus exchange rate targeting | M&ERT | monetary targets and exchange rate fixes or targets, primacy unclear |
| 16 | Monetary with inflation targeting | MwIT | monetary and inflation targets, monetary dominant |
| 17 | Inflation with monetary targeting | IwMT | monetary and inflation targets, inflation dominant |
| 18 | Monetary plus inflation targeting | M&IT | monetary and inflation targets, primacy unclear |
| 19 | Inflation with exchange rate targeting | IwERT | inflation targets and exchange rate (fixes or) targets, inflation dominant |
| 20 | Exchange rate with inflation targeting | ERwIT | inflation targets and exchange rate (fixes or) targets, exchange rate dominant |
| 21 | Inflation plus exchange rate targeting | I&ERT | inflation targets and exchange rate (fixes or) targets, primacy unclear |
| 22 | Exchange rate, monetary, inflation targeting | ER&M&IT | three full targets (or fixes), whichever dominant |
| 23 | Loosely structured discretion | LSD | instruments not effective or objectives not coherent or both only partly so |
| 24 | Use of another sovereign’s currency | UASC | dollarisation or euroization |
| 25 | Currency union membership | CU | currency union |
| 26 | Full exchange rate targeting | FERT | narrow announced stationary targets typically attained |
| 27 | Full converging exchange rate targeting | FCERT | narrow announced converging targets typically attained |
| 28 | Full monetary targeting | FMT | narrow announced stationary targets typically attained |
| 29 | Full converging monetary targeting | FCMT | narrow announced converging targets typically attained |
| 30 | Full inflation targeting | FIT | narrow announced stationary targets typically attained |
| 31 | Full converging inflation targeting | FCIT | narrow announced converging targets typically attained |
| 32 | Well structured discretion | WSD | full and effective set of monetary instruments and coherent set of objectives |
That set of frameworks is very detailed, too detailed for many purposes, and some of the categories are far from frequent. But the classification has been constructed in such a way that it can be easily aggregated. Two such aggregations are shown in Table 4, but researchers may also want to aggregate the frameworks in some different way themselves:
Table 4: Two useful aggregations
| by target variable: | frameworks | Numbers |
| direct controls | MDC | 1 |
| exchange rate fix ERF | PERF, AERF, PCB | 2,3,4 |
| exchange rate targets ERTs | ACB, FERT, FCERT, LERT, LCERT | 5,7,8,26,27 |
| monetary target MTs | FMT, FCMT, LMT, LCMT | 9,10,28,29 |
| inflation target ITs | FIT, FCIT, LIT, LCIT | 11,12,30,31 |
| mixed targets | MwERT, ERwMT, M&ERT, MwIT, IwMT, M&IT, IwERT, ERwIT, I&ERT, ER&M&IT | 13-22 |
| unstructured discretion | UD | 6 |
| loosely structured discretion | LSD | 23 |
| well structured discretion | WSD | 32 |
| no national framework | UASC, CU | 24,25 |
| by stage of development of the monetary policy framework | ||
| basic | MDC, PERF | 1,2 |
| intermediate 1 | AERF, PCB, UD | 3,4,6 |
| intermediate 2 | ACB, all LC*T, all FC*T, all L*T, all mixes, LSD | 5,7-12,13-23, 27,29,31 |
| developed | FERT, FMT, FIT, WSD | 26,28,30,32 |
These definitions and related explanations can also be found in the discussion paper.
Download the spreadsheet.
