I find reading through various central bank frameworks pretty interesting. There is so much diversity in their operations but goal is the same. I was reading this paper on Swiss National bank’s Mon Pol framework:
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.
A good paper on SNB mon pol framework. It is advocated as principles based framework.
I know these papers don’t really matter anymore. This crisis has really whitewashed it all. No matter how advanced/sophisticated what your mon pol framework was, this crisis has found it wanting. Infact the central bank targeted before the crisis for having a poor framework has emerged as the best-placed. But still, people wanting to know more about SNB mon pol framework can take a look.