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• W1511408063 abstract "The practice of monetary policy has evolved a great deal since the early 1990s. This evolution was significantly influenced by rapid developments in the theory of monetary policy. A new consensus about 'principles-based' monetary policy appears to be emerging. It marries a firm long-term anchor for nominal stability, rooted in the original ideas behind inflation targeting, with short-term flexibility, based on a more discretionary and pragmatic approach to monetary policy. The SNB's monetary policy framework - with a firm nominal anchor but with an emphasis on the need for flexibility - reflects, to a considerable degree, the emerging academic consensus about best-practice monetary policy. With its successful seven-year track record, it may serve as an interesting case study for a policy aiming at an intermediate position between full discretion and rigidly defined short-term inflation targeting." @default.
• W1511408063 created "2016-06-24" @default.
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• W1511408063 date "2007-01-01" @default.
• W1511408063 modified "2023-09-27" @default.
• W1511408063 title "The Swiss National Bank's monetary policy concept - an example of a principles-based policy framework" @default.
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