Inflation targeting as a framework for monetary policy
International Monetary Fund, Oct 2, 1998 - Business & Economics - 17 pages
Inflation distorts prices, erodes savings, discourages investment, stimulates capital flight, inhibits growth, and makes economic planning a nightmare. During the past decade, several advanced economies have taken a new approach to the age-old problem of controlling inflation through monetary policy known as "inflation targeting." This pamphlet explains the requirements of putting the new policy in place, the experience of the countries that have tried it, and whether it has applicability to developing countries.
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adopted inflation targeting advanced economies Australia average reliance Bank of England central bank conducting monetary policy coun credible and transparent define the target developing countries disinflation Economic Issues Series effectiveness of monetary etary policy exchange rate objective financial markets financial repression Finland fiscal deficits fiscal dominance fixed exchange rate flexible forward-looking Framework for Monetary future inflation goal of monetary guide monetary policy Guy Debelle high inflation horizon IMF's Research Department industrial economies inflation forecasting inflation rate inflation-targeting approach inflation-targeting countries interest rates ISSUES Inflation lower inflation medium-term inflation target Miguel Savastano monetary authorities monetary pol monetary policy settings narrow band objectives of monetary Paul Masson percent policy objectives prerequisites for adopting price index price level price stability rate of inflation reach reliance on seigniorage seven countries Sunil Sharma Sweden symptoms of fiscal Target Band target in terms tion target tral bank unemployment United Kingdom Zealand