(a) Is there a formal statement of the objective(s) of monetary policy, with an explicit prioritization in case of multiple objectives?

No formal objective(s) = 0.

Multiple objectives without prioritization = 1/2.

One primary objective, or multiple objectives with explicit priority = 1.

(b) Is there a quantification of the primary objective(s)?

No = 0.

Yes = 1.

(c) Are there explicit institutional arrangements or contracts between the monetary authorities and the government?

No Central Bank, contracts or other institutional arrangements = 0.

Central Bank without explicit instrument independence or contract = 1/2.

Central Bank with explicit instrument independence or Central Bank contract (although possibly subject to an explicit override procedure) = 1.



(a) Is the basic economic data relevant for the conduct of monetary policy publicly available? This focus on the release of data for the following five variables: money supply, inflation, GDP, unemployment rate and capacity utilization.

Quarterly time series for at most two out of the five variables = 0.

Quarterly time series for three or four out of the five variables = 1/2.

Quarterly time series for all five variables = 1.

(b) Does the Central Bank disclose the formal

macroeconomic model(s) it uses for policy analysis?

No = 0.

Yes = 1.

(c) Does the Central Bank regularly publish its own macroeconomic forecasts?

No numerical Central Bank forecasts for inflation and output = 0.

Numerical Central Bank forecasts for inflation and/or output published at less than quarterly frequency = 1/2.

Quarterly numerical Central Bank forecasts for inflation and output for the medium term (one to two years ahead), specifying the assumptions about the policy instrument (conditional or unconditional forecasts) = 1.



(a) Does the Central Bank provide an explicit policy rule or strategy that describes its monetary policy framework?

No = 0.

Yes = 1.

(b) Does the Central Bank give a comprehensive account of policy deliberations (or explanations in case of a single Central Banker) within a reasonable amount of time?

No, or only after a substantial lag (more than 8 weeks) = 0. Yes, comprehensive minutes (although not necessarily verbatim or attributed) or explanations (in case of a single Central Banker), including a discussion of backward- and forward-looking arguments = 1.

(c) Does the Central Bank disclose how each decision on the level of its main operating instrument or target was reached?

No voting records, or only after substantial lag (more than eight weeks) = 0.

Non-attributed voting records = 1/2.

Individual voting records, or decision by single Central Banker = 1.