Does inflation targeting matter? A reassessment
نویسندگان
چکیده
منابع مشابه
Does Inflation Targeting Matter?
Since it was first introduced by New Zealand and Chile in 1990, Canada in 1991, and the United Kingdom in 1992, inflation targeting (IT) has received a lot of attention in the public and academic debate over the design of monetary policy regimes. In part, this attention reflects the growing number of countries that have adopted an IT regime over the past decade. Schaechter, Stone, and Zelmer (2...
متن کاملCommentary on"Does Inflation Targeting Matter?"
Because inflation targeting is a relatively recent phenomena, in the past we have had insufficient data to conduct time-series econometric work to evaluate this important new monetary policy strategy. However, now that inflation targeting has been around for close to ten years, we are able to do some preliminary econometric work on this topic. This is exactly what Neumann and von Hagen do in th...
متن کاملWhat does South Korean inflation targeting target?
This paper characterises South Korean monetary policy in the period of explicit inflation targeting that started in 1999. We calculate Bank of Korea’s parameters in the policy objective function, conditional on an estimated macro-model. We show that this central bank appears to have pursued optimal policy geared towards achieving price stability, while displaying a considerable degree of intere...
متن کاملInflation Targets and Inflation Targeting
There is widespread agreement that price stability (in practice, low and stable inflation) should be an objective of monetary policy. This agreement is reflected both in the mandates set for monetary policy by governments and in the practice of central banks. Several other important questions about the objectives for monetary policy are less settled: Should there be other objectives? If there a...
متن کاملMoney Growth and Inflation: Does Fiscal Policy Matter?
long interested both economists and central bankers. This interest has taken on renewed importance in light of a growing consensus that central banks should —first and foremost—pursue price stability. The roots of this argument date back to Milton Friedman’s famous dictum that “inflation is always and everywhere a monetary phenomenon.” Yet recently this view has come under attack. As figure 1 i...
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ژورنال
عنوان ژورنال: Applied Economics
سال: 2012
ISSN: 0003-6846,1466-4283
DOI: 10.1080/00036846.2011.564136