Inflation target transparency and the macroeconomy

Over the last twenty years, many central banks have adopted increasing standards of transparency in communicating their monetary policy objectives, in particular regarding the explicit definition and quantification of their price stability objective or inflation target. One important benefit of incr...

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Autores principales:	Melecký, Martin, Rodríguez Palenzuela, Diego, Söderström, Ulf
Formato:	Artículo
Lenguaje:	eng
Publicado:	Banco Central de Chile 2019
Materias:	INFLACIÓN MACROECONOMÍA BANCOS CENTRALES POLÍTICA MONETARIA
Acceso en línea:	https://hdl.handle.net/20.500.12580/3754
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spelling	oai-20.500.12580-37542021-04-24T11:03:11Z Inflation target transparency and the macroeconomy Melecký, Martin Rodríguez Palenzuela, Diego Söderström, Ulf INFLACIÓN MACROECONOMÍA BANCOS CENTRALES POLÍTICA MONETARIA Over the last twenty years, many central banks have adopted increasing standards of transparency in communicating their monetary policy objectives, in particular regarding the explicit definition and quantification of their price stability objective or inflation target. One important benefit of increased transparency is that it prepares the ground for central banks to improve their credibility and facilites the anchoring of private sector inflation expectations to stated objectives (see, for instance, Leiderman and Svensson, 1995, Bernanke and others, 1999). Economic theory suggests that private decisions are partly determined by agents’ expectations concerning the future. Inflation targeting, by anchoring inflation expectations, can thus be expected to simplify private agents’ decisions, thereby reducing macroeconomic volatility and increasing overall welfare. 2019-11-01T00:04:25Z 2019-11-01T00:04:25Z 2009 Artículo 978-956-7421-32-9 https://hdl.handle.net/20.500.12580/3754 eng Series on Central Banking, Analysis, and Economic Policies, no. 13 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 371-411 application/pdf Banco Central de Chile
institution	Banco Central
collection	Banco Central
language	eng
topic	INFLACIÓN MACROECONOMÍA BANCOS CENTRALES POLÍTICA MONETARIA
spellingShingle	INFLACIÓN MACROECONOMÍA BANCOS CENTRALES POLÍTICA MONETARIA Melecký, Martin Rodríguez Palenzuela, Diego Söderström, Ulf Inflation target transparency and the macroeconomy
description	Over the last twenty years, many central banks have adopted increasing standards of transparency in communicating their monetary policy objectives, in particular regarding the explicit definition and quantification of their price stability objective or inflation target. One important benefit of increased transparency is that it prepares the ground for central banks to improve their credibility and facilites the anchoring of private sector inflation expectations to stated objectives (see, for instance, Leiderman and Svensson, 1995, Bernanke and others, 1999). Economic theory suggests that private decisions are partly determined by agents’ expectations concerning the future. Inflation targeting, by anchoring inflation expectations, can thus be expected to simplify private agents’ decisions, thereby reducing macroeconomic volatility and increasing overall welfare.
format	Artículo
author	Melecký, Martin Rodríguez Palenzuela, Diego Söderström, Ulf
author_facet	Melecký, Martin Rodríguez Palenzuela, Diego Söderström, Ulf
author_sort	Melecký, Martin
title	Inflation target transparency and the macroeconomy
title_short	Inflation target transparency and the macroeconomy
title_full	Inflation target transparency and the macroeconomy
title_fullStr	Inflation target transparency and the macroeconomy
title_full_unstemmed	Inflation target transparency and the macroeconomy
title_sort	inflation target transparency and the macroeconomy
publisher	Banco Central de Chile
publishDate	2019
url	https://hdl.handle.net/20.500.12580/3754
work_keys_str_mv	AT meleckymartin inflationtargettransparencyandthemacroeconomy AT rodriguezpalenzueladiego inflationtargettransparencyandthemacroeconomy AT soderstromulf inflationtargettransparencyandthemacroeconomy
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Inflation target transparency and the macroeconomy

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