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Does inflation targeting make a difference?
Inflation targeting is the new kid on the block of monetary regimes. Since New Zealand and Chile first adopted the regime in 1990, a growing number of industrial and developing countries have followed suit, anchoring their monetary policy to explicit targets for inflation.
Monetary policy under uncertainty and learning: an overview
Central bank economists and academic economists conducting research on the design of monetary policy have made significant advances in recent years. This work has led to a clearer understanding of the desirable properties of interest rate rules, the role of announcements and communication, and the ...
El horizonte de la política monetaria en Chile y otros países con metas de inflación
La tolerancia a cierta volatilidad en la tasa de inflación lleva a que aquellos países que tienen metas de inflación diseñen su política monetaria de modo que refleje flexibilidad en cuatro dimensiones: el índice de precios para el cual se define la meta, el ancho del rango meta, el punto medio del ...
Does inflation targeting make a difference?
Since New Zealand adopted inflation targeting in 1990, a steadily growing number of industrial and emerging economies have explicitly adopted an inflation target as their nominal anchor. Eight industrial countries and thirteen emerging economies had full-fledged inflation targeting in place in early ...
Monetary policy and key unobservables: evidence from large industrial and selected inflation-targeting countries
In recent years, the design of monetary policy has focused on gaps—the output gap, the interest rate gap, and the unemployment rate gap have all played a role in policy discussions. Standard models used for policy analysis are either specified in terms of such gaps or imply important roles for these ...