Question: How do you evaluate the effectiveness of a monetary policy framework

[Mumm-Ra]

Sure you can do that as well, it may be more inclined to what you want to explore/discuss. I would focus largely on the CAD, inflation rate, overall growth rates (GDP, industry etc) and investment trends (and any other central bank policy results you can think of)....in correlation to Pakistan central bank interventions in interest rates, other interventions and general management (which of course you will have to look into). ...i.e an input/output analysis. If there are white papers released by central bank on its policies/management/objectives...that could very well be the best place to start. Then gather all the data you can from what Pakistan central statistics organisation on the economic markers I mentioned....plus anywhere else you can find them (that records consistently etc)....say UNCTAD, world bank, IMF etc.

Maybe do the inputs first in depth, place the biggest markers on a timeline etc....and then use that to correlate with the results in the economic markers (outputs). Then you can do the same for more external based markers like bond credit rating, IMF economy rating etc if you have time to do it....given this will likely be an important thing for Pakistan economy in the short and mid term fiscally from the looks of things right now.

Would be happy to discuss any specifics you come across. The hard part will be explaining the why and degree of the why (results from the inputs) given the multi variate nature of this problem (i.e esp that its not a closed system and there are non-controlled inputs outside of SBP purview)....but largely from policy perspective that should be largely "baked in" to the cake....given a central bank will take a few years previous data to analyse itself how to react over time policy wise etc.

Thanks for the guidance. It helped a lot in streamlining my thoughts.