Leonardo Leiderman, Lars E. O. Svensson, Centre for Economic Policy Research (Great Britain)
Centre for Economic Policy Research, 1995 - Inflation (Finance) - 214 pages
Since 1989, a number of countries have adopted explicit quantitative inflation targets to reduce and control inflation. This book examines the explicit regimes of Canada, Finland, New Zealand, Sweden and the UK, and compares them with the less explicit regimes of Germany, Israel, Italy and the US. The wide-ranging theoretical and empirical analysis of the role, announcement and achievement of targets, and of the institutional reforms that might be necessary to support price stability, provides the first comprehensive evaluation of the impact of inflation targets on monetary policy and inflation performance.
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The Canadian Experience with Targets for Reducing and Controlling
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achieve actual inflation adjustment annual Bank of Finland Bank of Italy Bank's base targeting behaviour budget deficit Bundesbank central bank CEPR commitment consumer prices countries credibility Cukierman decline depreciation deviations disinflation economic effect equilibrium price level explicit inflation target Fed's Federal funds rate Figure financial markets fiscal fixed exchange rate forward rates framework goal of monetary Governor headline inflation indicator indirect taxes inflation expectations inflation forecast inflation rate inflation scare inflation target regimes institutional interest rates intermediate target lira long rate low inflation Markka monetary base monetary expansion monetary policy monetary stability monetary target nominal objectives October output parliament percentage points policy actions policy-makers price stability rate of inflation reduce Reserve Bank rise RPIX inflation shocks short rates social democrats Statistics Sweden strategy Sveriges Riksbank Sweden Swedish target inflation target path target range term trend underlying inflation variable wage yield curve Zealand