<italic>What shapes central banks' learning from the policy experiments of their peers? Both economic ideas and organizational interests play important roles. Thus, New Keynesian ideas led central banks to interpret Japan's experience with quantitative easing (2001-2006) through the impact on risk...</italic>

<title>A<sc>bstract</sc> </title> The global financial crisis forcefully highlighted the importance of curbing the impact of large and volatile capital inflows on growth and financial stability in developing countries. It led the IMF to reconsider its long-standing rejection of capital controls. Yet its new...

In August 2005, the National Bank of Romania changed its monetary policy framework in an attempt to sharpen its influence on monetary conditions in the economy. It replaced the strategy of targeting monetary aggregates used since 1990 with inflation targeting, a ‘fashionable’ policy stance...