Bhundia, Ashok; Stone, Mark R. - International Monetary Fund (IMF) - 2004
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 … commitment-discretion tradeoffs that lie at the heart of choosing a monetary regime. During the last 15 years the world has moved …