Inflation targeting: theory and policy implications
International Monetary Fund, Monetary and Exchange Affairs Dept., 1996 - Business & Economics - 17 pages
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addresses the inflation announced an inflation announced inflation target announced target assumption authority announces average and expected average inflation banker central bank's incentive central banks publish Credibility and enforceability decisions are guided discretionary policy regimes exceed the announced expected inflation Finland function equation future inflation relative guided by expected inflation and output inflation bias problem inflation expectations inflation rate inflation surprises inflation targeting policy intermediate target International Monetary Fund Kydland linking policy instruments literature monetary authority monetary authority's incentive Monetary Economics monetary policy framework monetary policy objective offset the inflation optimal policy rule order conditions outcome output gaps output shocks overshooting paper parameter Persson and Tabellini Phillips curve potential output pre-announced price stability private agents projected inflation proposed inflation targeting range might help rate of inflation result social loss function socially preferred rate supply shocks Tabellini 1990 targeting framework transparency measures underlying cause United Kingdom versus discretion debate weight on inflation