Inflation targeting under imperfect knowledge
A central tenet of inflation targeting is that establishing and maintaining well-anchored inflation expectations are essential. Well-anchored expectations enable inflation-targeting central banks to achieve stable output and employment in the short run, while ensuring price stability in the long run...
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Banco Central de Chile
2019
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oai-20.500.12580-37202021-04-24T10:59:48Z Inflation targeting under imperfect knowledge Orphanides, Athanasios 1965- Williams, John C. INFLACIÓN BANCOS CENTRALES A central tenet of inflation targeting is that establishing and maintaining well-anchored inflation expectations are essential. Well-anchored expectations enable inflation-targeting central banks to achieve stable output and employment in the short run, while ensuring price stability in the long run. Three elements of inflation targeting have been critically important for the successful implementation of this framework. First and foremost is the announcement of an explicit quantitative inflation target and the acknowledgment that low, stable inflation is the primary objective and responsibility of the central bank. Second is the clear communication of the central bank’s policy strategy and the rationale for its decisions, which enhances the predictability of the central bank’s actions and its accountability to the public. Third is a forward-looking policy orientation, characterized by the vigilant monitoring of inflation expectations at both short-term and longer-term horizons. Together, these elements provide a focal point for inflation, facilitate the formation of the public’s inflation expectations, and provide guidance on actions that may be needed to foster price stability. 2019-11-01T00:04:06Z 2019-11-01T00:04:06Z 2007 Artículo 978-956-7421-28-2 https://hdl.handle.net/20.500.12580/3720 eng Series on Central Banking, Analysis, and Economic Policies, no. 11 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 77-123 application/pdf Banco Central de Chile |
| institution |
Banco Central |
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Banco Central |
| language |
eng |
| topic |
INFLACIÓN BANCOS CENTRALES |
| spellingShingle |
INFLACIÓN BANCOS CENTRALES Orphanides, Athanasios 1965- Williams, John C. Inflation targeting under imperfect knowledge |
| description |
A central tenet of inflation targeting is that establishing and maintaining well-anchored inflation expectations are essential. Well-anchored expectations enable inflation-targeting central banks to achieve stable output and employment in the short run, while ensuring price stability in the long run. Three elements of inflation targeting have been critically important for the successful implementation of this framework. First and foremost is the announcement of an explicit quantitative inflation target and the acknowledgment that low, stable inflation is the primary objective and responsibility of the central bank. Second is the clear communication of the central bank’s policy strategy and the rationale for its decisions, which enhances the predictability of the central bank’s actions and its accountability to the public. Third is a forward-looking policy orientation, characterized by the vigilant monitoring of inflation expectations at both short-term and longer-term horizons. Together, these elements provide a focal point for inflation, facilitate the formation of the public’s inflation expectations, and provide guidance on actions that may be needed to foster price stability. |
| format |
Artículo |
| author |
Orphanides, Athanasios 1965- Williams, John C. |
| author_facet |
Orphanides, Athanasios 1965- Williams, John C. |
| author_sort |
Orphanides, Athanasios 1965- |
| title |
Inflation targeting under imperfect knowledge |
| title_short |
Inflation targeting under imperfect knowledge |
| title_full |
Inflation targeting under imperfect knowledge |
| title_fullStr |
Inflation targeting under imperfect knowledge |
| title_full_unstemmed |
Inflation targeting under imperfect knowledge |
| title_sort |
inflation targeting under imperfect knowledge |
| publisher |
Banco Central de Chile |
| publishDate |
2019 |
| url |
https://hdl.handle.net/20.500.12580/3720 |
| work_keys_str_mv |
AT orphanidesathanasios1965 inflationtargetingunderimperfectknowledge AT williamsjohnc inflationtargetingunderimperfectknowledge |
| _version_ |
1718346982770081792 |