Monetary Policy Frameworks – IAPOC toolkit

A monetary policy framework comprises the structures in place that enable and guide the conduct of monetary policy. The toolkit provides a multidimensional characterization of monetary policy frameworks across three pillars: Independence and Accountability, Policy and Operational Strategy, and Communications (IAPOC). This is developed by IMF staff with the support of the U.K.’s Foreign, Commonwealth and Development Office (FCDO). Reference: D. Filiz Unsal, Chris Papageorgiou, and Hendre Garbers (2022) “Monetary Policy Frameworks: An Index and New Evidence”, IMF Working Paper 22/2022.