Browser issue

It looks like the browser you're using doesn’t work well with our website. For a better experience, please update to the latest version of Chrome, Edge, Firefox or Safari.

Inter-forecast monetary policy implementation : responding to unexpected exchange rate developments

Benjamin Hunt, Adrian Orr

Although the stance of monetary policy is primarily determined at a quarterly interval, in the light of a comprehensive inflation projection, the implementation of policy occurs day to day. This article addresses the question : "how should movements in the exchange rate be taken into account in day-to-day policy implementation?"