The Inflation-Targeting Debate
Ben S. Bernanke, Michael Woodford
University of Chicago Press, 1. 11. 2007 - Počet stran: 468
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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adopt aﬀect assume bank’s beneﬁts Bernanke central bank coeﬃcients commitment constraint countries Czech Republic decision cycle deﬁned depends determinacy deviations diﬀerent diﬃcult discussion disinﬂation eﬀect eﬃcient equation estimated exchange rate exogenous explicit Fed’s federal funds rate ﬁgure ﬁnancial ﬁnd ﬁnding ﬁrst ﬁrst-order conditions ﬁscal policy ﬁxed ﬂation ﬂexible ﬂuctuations forward-looking geting Giannoni growth imperfect knowledge implied impulse response increase inﬂa inﬂation and output inﬂation expectations inﬂation rate inﬂation targeting inﬂation-targeting inﬂationary instrument rule long-run inﬂation loss function low inﬂation macroeconomic Michael Woodford monetary policy rule NBER nominal interest rate optimal equilibrium optimal policy optimal target criterion output gap paper parameters percent period period-t Phillips curve policymakers price level price stability problem procedure rational expectations reaction function reﬂect regime response result sample satisﬁed shocks signiﬁcant speciﬁc speciﬁc targeting rule suﬃcient Svensson tion targeting trade-oﬀ transition economies transmission mechanism weight Woodford zero
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