International experiences with different monetary policy regimes ). Any views expressed in this paper are those of the author only and not those of Columbia University or the National Bureau of Economic Research.
考察了四种基本货币政策制度（汇率目标、货币目标、通胀目标、隐性名义锚）的国际经验，指出透明度和问责制对约束自由裁量货币政策至关重要，而最佳策略取决于一国的政治、文化和经济制度及历史。
This paper examines the international experiences with four basic types of monetary policy regimes: (1) exchange-rate targeting, (2) monetary targeting, (3) inflation targeting, and (4) monetary policy with an implicit but not an explicit nominal anchor. The basic theme that emerges from this analysis is that transparency and accountability are crucial to constraining discretionary monetary policy so that it produces desirable long-run outcomes. Because the devil is in the details in achieving transparency and accountability, what strategy will work best in a country depends on its political, cultural and economic institutions, as well as on its past history.