The Inflation-Targeting DebateBen S. Bernanke, Michael Woodford University of Chicago Press, 01.11.2007 - 468 Seiten Over the past fifteen years, a significant number of industrialized and middle-income countries have adopted inflation targeting as a framework for monetary policymaking. As the name suggests, in such inflation-targeting regimes, the central bank is responsible for achieving a publicly announced target for the inflation rate. While the objective of controlling inflation enjoys wide support among both academic experts and policymakers, and while the countries that have followed this model have generally experienced good macroeconomic outcomes, many important questions about inflation targeting remain. In Inflation Targeting, a distinguished group of contributors explores the many underexamined dimensions of inflation targeting—its potential, its successes, and its limitations—from both a theoretical and an empirical standpoint, and for both developed and emerging economies. The volume opens with a discussion of the optimal formulation of inflation-targeting policy and continues with a debate about the desirability of such a model for the United States. The concluding chapters discuss the special problems of inflation targeting in emerging markets, including the Czech Republic, Poland, and Hungary. |
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The Inflation-Targeting Debate Ben S. Bernanke,Michael Woodford,National Bureau of Economic Research Eingeschränkte Leseprobe - 2005 |
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adopt assume average bank’s Bernanke central bank changes coefficients commitment constraint countries Czech Republic decision cycle determinacy deviations discussion disinflation disturbances effect endogenous variables equation estimated exchange rate exogenous explicit Fed’s federal funds rate first-order conditions fiscal forward-looking geting Giannoni Greenspan Fed growth headline inflation imperfect knowledge implied increase inflation and output inflation expectations inflation rate inflation targeting inflation-targeting instrument rule Journal of Monetary lagged long-run inflation loss function low inflation macroeconomic Mark Gertler Michael Woodford Mishkin Monetary Economics monetary policy rule NBER nominal interest rate nontargeters objective optimal equilibrium optimal policy optimal target criterion output gap paper parameters percent period period-t Phillips curve Poland policymakers price level price stability problem procedure projections rational expectations reaction function regime relative response result sample shocks specific targeting rule sudden stop Svensson target variables tion transition economies transmission mechanism weight Woodford zero
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Seite 203 - An entire generation of young adults has grown up since the mid-1960 s knowing only inflation, indeed an inflation that has seemed to accelerate inexorably. In the circumstances, it is hardly surprising that many citizens have begun to wonder whether it is realistic to anticipate a return to general price stability, and have begun to change their behavior accordingly. Inflation feeds in part on itself, so part of the job of returning to a more stable and more productive economy must be to break the...
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