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A critical view of inflation targeting: crises, limited sustainability and aggregate shocks
Inflation targeting has recently been adopted by the central banks of several advanced economies, including Australia, Canada, Finland, New Zealand, Spain, Sweden, and the United Kingdom. The policy is widely perceived as having been successful (see the discussions in Leiderman and Svensson, 1995, ...
Does inflation targeting increase output volatility?: an international comparison of policymakers' preferences and outcomes
Monetary policy regimes around the world changed dramatically over the decade of the 1990s. Central banks have become more transparent, more independent, more accountable, and (apparently) more successful. The biggest transformation has benn the move away from focusing on intermediate objectives, susch ...
Inflation targeting and the anchoring of inflation expectations in the Western hemisphere
Many central banks have adopted a formal inflation-targeting framework based on the belief and the theoretical predictions that an explicit and clearly communicated numerical objective for the level of inflation over a specified period would, in itself, be a strong communication device that would help ...
El Banco Central en los años que se escapó la inflación: 1953-1958
Este capítulo abarca la historia del Banco en el período 1953-1958 coincidente con el gobierno de Carlos Ibáñez y de la presidencia del Banco de Arturo Maschke. La primera sección constituye una breve reseña de algunos aspectos del momento histórico en que estaba inserto el Banco en particular el ...
El Banco en 1946-1952: inflación de 20% e influencia del Fondo Monetario Internacional
Este capítulo se inicia con la contextualización política y económica del período 1946-1952. Esta última tuvo como característica fundamental la consolidación de una tasa inflacionaria de dos dígitos registrándose siete años consecutivos con una tasa media de inflación anual de aproximadamente 20%. ...