Baltensperger, Ernst; Hildebrand, Philipp M.; Jordan, … - Schweizerische Nationalbank (SNB) - 2007
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 … inflation targeting, with short-term flexibility, based on a more discretionary and pragmatic approach to monetary policy. The …