Inflation targeting: design, performance, challenges

Inflation rates fell markedly around the world during the last decade of twentieth century. This was the result of a profound change in the conduct of monetary policy, clearly driven by the strong, anti-inflationary stance adopted by central banks in industrial and developing countries. The central...

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Detalles Bibliográficos
Otros Autores:	Loayza O., Norman
Formato:	Libro
Lenguaje:	eng
Publicado:	Banco Central de Chile 2019
Materias:	INFLACIÓN POLÍTICA ECONÓMICA
Acceso en línea:	https://hdl.handle.net/20.500.12580/1650
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spelling	oai-20.500.12580-16502021-04-24T05:03:17Z Inflation targeting: design, performance, challenges Loayza O., Norman Soto, Raimundo INFLACIÓN POLÍTICA ECONÓMICA Inflation rates fell markedly around the world during the last decade of twentieth century. This was the result of a profound change in the conduct of monetary policy, clearly driven by the strong, anti-inflationary stance adopted by central banks in industrial and developing countries. The central banks' new attitude toward inflation was largely the result of their newly acquired ability to conduct monetary policy independently, transparently, and credibly. One monetary policy approach that combines these virtues with a pragmatic use of policy instruments is inflation targeting. Following the pioneering example of New Zealand and Chile, countries as diverse as Brazil, England, and Sweden have formally adopted inflation targeting as the defining feature of their monetary policies. The essays in this volume study inflation targeting as a new guiding framework for monetary policy. They help to define inflation targeting as it is actually implemented, evaluate its effectiveness compared to other monetary approaches both empirically and theoretically, and offer the best designs for putting it into practice. Along with original theoretical and cross-country work, this volume includes case studies on four inflation-targeting countries, namely, Chile, New Zealand, Australia, and Brazil. Inflation targeting: an overview / Norman Loayza, Raimundo Soto -- Inflation targets in a global context / Gabriel Sterne -- Monetary policy under flexible exchange rates: an introduction to inflation targeting / Pierre-Richard Agénor -- A decade of inflation targeting in the world: what do we know and what do we need to know? / Frederic S. Mishkin, Klaus Schmidt-Hebbel -- Does inflation targeting make a difference? / Vittorio Corbo, Óscar Landerretche, Klaus Schmidt-Hebbel -- Targeting inflation in an economy with staggered price setting / Jordi Galí -- Alternative monetary rules in the open-economy: a welfare-based approach / Eric Parrado, Andrés Velasco -- A critical view of inflation targeting: crises, limited sustainability and aggregate shocks / Michael Kumhof -- Inflation targeting and the liquidity trap / Bennett T. McCallum -- Inflation targeting in the context of IMF-Supported adjustment programs / Mario I. Blejer, Alfredo M. Leone, Pau Rabanal, Gerd Schwartz -- Inflation targeting and the inflation process: lessons from an open economy / Guy Debelle, Jenny Wilkinson -- Lessons from inflation targeting in New Zealand / Aaron Drew -- Inflation targeting in Brazil: shocks, backward-looking prices, and IMF conditionality / Joel Bogdanski, Paulo Springer de Freitas, Ilan Goldfajn, Alexandre Antonio Tombini -- A decadeof inflation targeting in Chile: developments, lessons, and challenges / Felipe G. Morandé -- New frontiers for menetary policy in Chile / Pablo S. García, Luis Óscar Herrera, Rodrigo O. Valdés. 2019-11-01T00:01:50Z 2019-11-01T00:01:50Z 2002 Libro 956-7421-102 https://hdl.handle.net/20.500.12580/1650 eng Series on Central Banking, Analysis, and Economic Policies, no. 5 Serie Banca Central, análisis y políticas económicas, no. 5 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Documento Completo 649 p. application/pdf Banco Central de Chile
institution	Banco Mundial
collection	Banco Mundial
language	eng
topic	INFLACIÓN POLÍTICA ECONÓMICA
spellingShingle	INFLACIÓN POLÍTICA ECONÓMICA Inflation targeting: design, performance, challenges
description	Inflation rates fell markedly around the world during the last decade of twentieth century. This was the result of a profound change in the conduct of monetary policy, clearly driven by the strong, anti-inflationary stance adopted by central banks in industrial and developing countries. The central banks' new attitude toward inflation was largely the result of their newly acquired ability to conduct monetary policy independently, transparently, and credibly. One monetary policy approach that combines these virtues with a pragmatic use of policy instruments is inflation targeting. Following the pioneering example of New Zealand and Chile, countries as diverse as Brazil, England, and Sweden have formally adopted inflation targeting as the defining feature of their monetary policies. The essays in this volume study inflation targeting as a new guiding framework for monetary policy. They help to define inflation targeting as it is actually implemented, evaluate its effectiveness compared to other monetary approaches both empirically and theoretically, and offer the best designs for putting it into practice. Along with original theoretical and cross-country work, this volume includes case studies on four inflation-targeting countries, namely, Chile, New Zealand, Australia, and Brazil.
author2	Loayza O., Norman
author_facet	Loayza O., Norman
format	Libro
title	Inflation targeting: design, performance, challenges
title_short	Inflation targeting: design, performance, challenges
title_full	Inflation targeting: design, performance, challenges
title_fullStr	Inflation targeting: design, performance, challenges
title_full_unstemmed	Inflation targeting: design, performance, challenges
title_sort	inflation targeting: design, performance, challenges
publisher	Banco Central de Chile
publishDate	2019
url	https://hdl.handle.net/20.500.12580/1650
_version_	1718347009423835136

Inflation targeting: design, performance, challenges

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