From Monetary Targeting to Inflation Targeting: Lessons from Industrialized Countries
World Bank, Financial Sector Strategy and Policy Department, 2001 - Anti-inflationary policies - 35 pages
Experience with monetary targeting suggests that although it successfully controlled inflation in Switzerland and especially Germany, the special conditions that made it work reasonably well in those two countries are unlikely to be satisfied elsewhere. Inflation targeting is more likely to improve economic performance in countries that choose to have an independent domestic monetary policy, but there are subtleties in how inflation targeting is done. Lessons from industrial countries should be useful to central banks designing a framework for monetary policy.
What people are saying - Write a review
We haven't found any reviews in the usual places.
Other editions - View all
achieve adopted inflation targeting adoption of inflation aggregate demand aggregates and goal announced asset prices Bank of Canada Bank of England bank's Bernanke Bundesbank conduct of monetary controlling inflation depreciation disinflation Don Brash economic emerging market countries European Central Bank exchange rate movements expansionary monetary policy experience flexibility focus Germany and Switzerland goal variables Governor iber 2001 iber increased transparency industrialized countries inflation expectations inflation rate Inflation Report inflation target range inflation targeting regime inflation-targeting regimes instrument instability interest rates Laubach low inflation medium-term inflation goal Mishkin and Posen Ml growth monetary aggregates monetary base monetary policy instruments monetary policy strategy monetary targeting regime money growth nominal income overshoot percentage point point target price stability problem Reducing Inflation relationship between monetary Reserve Bank short a horizon Stanley Fischer success of inflation supply shocks Swiss National Bank terms of trade time-inconsistency trade shock transparency and accountability undershoots United Kingdom Zealand