美联储-国外央行货币政策框架综述：方法、问题和结果（英）

Finance and Economics Discussion SeriesFederal Reserve Board, Washington, D.C.ISSN 1936-2854 (Print)ISSN 2767-3898 (Online)Reviews of Foreign Central Banks’ Monetary Policy Frameworks:Approaches, Issues, and OutcomesGrey Gordon, Julio Ortiz, Benjamin Silk2025-066Please 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. Page 1 of 17 Reviews of Foreign Central Banks’ Monetary Policy Frameworks: Approaches, Issues, and Outcomes Grey Gordon, Julio Ortiz, Benjamin Silk The analysis in this paper was presented to the Federal Open Market Committee as background for its discussion of the Federal Reserve’s 2025 review of its monetary policy strategy, tools, and communications.1 Abstract: We examine the experience of conducting reviews of monetary policy frameworks in the major advanced foreign economies since the Federal Open Market Committee’s 2019–20 review. We find that periodic reviews are becoming the norm and have often been motivated by similar developments and challenges as those facing the Federal Reserve. In some cases, reviews were opportunities to alter numerical inflation objectives or clarify how policymakers balance fostering price stability and supporting employment and activity. In addition, foreign reviews emphasized the need for policy flexibility in pursuit of mandates. They also affirmed the usefulness of central banks’ existing policy toolkits, while noting some concerns and limitations. Some reviews offered recommendations to improve communications. JEL Classification: E52, E58, F33. Keywords: Monetary policy review, monetary policy strategies, monetary policy tools, central bank communications, foreign monetary policy. Note: Author’s affiliations are Board of Governors of the Federal Reserve (Ortiz) and Federal Reserve Bank of Richmond (Gordon). Benjamin Silk contributed to this project while employed by the Board of Governors of the Federal Reserve System. The views expressed are those of the authors and do not necessarily reflect the views of anyone else affiliated with the Federal Reserve System. We thank Shaghil Ahmed, Brian Doyle, Etienne Gagnon, Michael Kiley, Sylvain Leduc, Kurt Lewis, Fernanda Nechio, Anna Paulson, Trevor Reeve, S