The inflation-targeting debate / / edited by Ben S. Bernanke and Michael Woodford

• Record Nr.: UNINA9910827656503321
• Pubbl/distr/stampa: Chicago, : University of Chicago Press, c2005
• ISBN: 1-281-12531-8; 9786611125318; 0-226-04473-4
• Edizione: [1st ed.]
• Descrizione fisica: 1 online resource (468 p.)
• Collana: National Bureau of Economic Research--studies in business cycles ; ; v. 32
• Altri autori (Persone): BernankeBen; WoodfordMichael <1955->
• Disciplina: 332.4/1
• Soggetti: Inflation (Finance); Monetary policy
• Lingua di pubblicazione: Inglese
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Note generali: "This volume grew out of a National Bureau of Economic Research (NBER) conference on inflation targeting held in Bal Harbour, Florida, in January 2003"--p. ix.
• Nota di bibliografia: Includes bibliographical references and indexes.
• Nota di contenuto: What has inflation targeting achieved? / Mervyn King -- Implementing optimal policy through inflation-forecast targeting / Lars E.O. Svensson and Michael Woodford -- Optimal inflation-targeting rules / Marc P. Giannoni and Michael Woodford -- Inflation targeting, price-path targeting, and output variability / Stephen G. Cecchetti and Junhan Kim -- Imperfect knowledge, inflation expectations, and monetary policy / Athanasios Orphanides and John C. Williams -- Does inflation targeting matter? / Laurence Ball and Niamh Sheridan -- Limits to inflation targeting / Christopher A. Sims -- Inflation targeting in the United States? / Marvin Goodfriend -- Inflation targeting in transition economies : experience and prospects / Jiri Jonas and Frederic S. Mishkin -- Inflation targeting and sudden stops / Ricardo J. Caballero and Arvind Krishnamurthy.
• Sommario/riassunto: 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.