Inflation targets in a global context
نویسنده
چکیده
Inflation targeting has become an increasingly global framework, used by countries of many different types and in all the continents of the world. To assess its global contribution, this paper uses one of the broadest ever surveys of monetary policy frameworks to construct an overall picture from the individual jigsaw pieces of country frameworks. The jigsaw is made up of targets and other measures of policy reaction, institutional characteristics such as independence, accountability and transparency, and analytical capacities within the central bank. The paper notes that the use of inflation targets has spread very rapidly in the 1990s, far more so than has the number of “inflation targeting” frameworks. The analysis focuses on the flexible use of inflation (and money) targets, and how these relate to indicators of central bank reaction functions, independence, accountability, transparency, and analytical methods. The use of targets appears to have built a strong momentum towards the explanation of policy, and the use of inflation targets in particular has provided a vehicle for communication between central banks and governments and the private sector. JEL codes: B22 E31 E41 E52 E58 1 [email protected] Centre for Central Banking Studies, Bank of England. The author is grateful to Bill Allen, DeAnne Julius, Maxwell Fry, Joe Ganley, Lavan Mahadeva, Klaus Schmidt-Hebbel, Peter Sinclair and Katerina Smidkova for helpful comments, and to all those central banks that took part in the survey on which the paper is based. Any views expressed are those of the author and not those of the Bank of England. N:\USERS\GS\events\chile\gs_paper_chile__1101.doc This draft Nov 22 2000
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تاریخ انتشار 2000