LEADER 05277oam 22012134 450 001 9910788336503321 005 20230721045708.0 010 $a1-4623-4972-2 010 $a1-4527-2989-1 010 $a1-4518-7233-X 010 $a1-282-84306-0 010 $a9786612843068 035 $a(CKB)3170000000055251 035 $a(EBL)1608264 035 $a(SSID)ssj0000940729 035 $a(PQKBManifestationID)11528526 035 $a(PQKBTitleCode)TC0000940729 035 $a(PQKBWorkID)10955825 035 $a(PQKB)10516716 035 $a(OCoLC)586097937 035 $a(MiAaPQ)EBC1608264 035 $a(IMF)WPIEE2009086 035 $a(EXLCZ)993170000000055251 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aWhy Inflation Targeting? /$fCharles Freedman, Douglas Laxton 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (27 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 $a1-4519-1668-X 320 $aIncludes bibliographical references. 327 $aContents; I. Introduction; II. Cost of Inflation and Boom-Bust Cycles; A. What Are the Costs of High Inflation?; B. Policy Credibility and Boom-Bust Cycles; Figures; 1. United Kingdom Inflation, Unemployment and Policy Credibility; III. Need for A Nominal Anchor; Tables; 1. Inflation Targeting Adoption Dates; IV. What is Inflation Targeting?; V. Two Key Intellectual Roots of Inflation Targeting; A. Absence of Long-Run Trade-Offs; Box 2.1; 1. Six Principles of Inflation Targeting; 2. Output-Inflation Tradeoffs in the Short Run and Long Run 327 $a3. IRFs for a Positive Demand Shock Under Good and Bad Monetary Policy4. IRFs for a Positive Supply Shock Under Good and Bad Monetary Policy; 2. Reduced-Form Inflation Equations Under Good and Bad Monetary Policy; B. The Time-Inconsistency Problem; 5. Taylor Output-Inflation Efficiency Frontiers; VI. How Does IT Work?; References 330 3 $aThis is the second chapter of a forthcoming monograph entitled "On Implementing Full-Fledged Inflation-Targeting Regimes: Saying What You Do and Doing What You Say." We begin by discussing the costs of inflation, including their role in generating boom-bust cycles. Following a general discussion of the need for a nominal anchor, we describe a specific type of monetary anchor, the inflation-targeting regime, and its two key intellectual roots-the absence of long-run trade-offs and the time-inconsistency problem. We conclude by providing a brief introduction to the way in which inflation targeting works. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/086 606 $aInflation (Finance) 606 $aAnti-inflationary policies 606 $aForeign Exchange$2imf 606 $aInflation$2imf 606 $aMoney and Monetary Policy$2imf 606 $aEconomic Theory$2imf 606 $aProduction and Operations Management$2imf 606 $aPrices, Business Fluctuations, and Cycles: General (includes Measurement and Data)$2imf 606 $aPrice Level$2imf 606 $aDeflation$2imf 606 $aCentral Banks and Their Policies$2imf 606 $aMonetary Policy$2imf 606 $aMacroeconomics: Production$2imf 606 $aAgriculture: Aggregate Supply and Demand Analysis$2imf 606 $aPrices$2imf 606 $aMacroeconomics$2imf 606 $aMonetary economics$2imf 606 $aCurrency$2imf 606 $aForeign exchange$2imf 606 $aEconomic theory & philosophy$2imf 606 $aInflation targeting$2imf 606 $aConventional peg$2imf 606 $aOutput gap$2imf 606 $aSupply shocks$2imf 606 $aMonetary policy$2imf 606 $aProduction$2imf 606 $aEconomic theory$2imf 606 $aSupply and demand$2imf 607 $aUnited Kingdom$2imf 615 0$aInflation (Finance) 615 0$aAnti-inflationary policies. 615 7$aForeign Exchange 615 7$aInflation 615 7$aMoney and Monetary Policy 615 7$aEconomic Theory 615 7$aProduction and Operations Management 615 7$aPrices, Business Fluctuations, and Cycles: General (includes Measurement and Data) 615 7$aPrice Level 615 7$aDeflation 615 7$aCentral Banks and Their Policies 615 7$aMonetary Policy 615 7$aMacroeconomics: Production 615 7$aAgriculture: Aggregate Supply and Demand Analysis 615 7$aPrices 615 7$aMacroeconomics 615 7$aMonetary economics 615 7$aCurrency 615 7$aForeign exchange 615 7$aEconomic theory & philosophy 615 7$aInflation targeting 615 7$aConventional peg 615 7$aOutput gap 615 7$aSupply shocks 615 7$aMonetary policy 615 7$aProduction 615 7$aEconomic theory 615 7$aSupply and demand 700 $aFreedman$b Charles$01139411 701 $aLaxton$b Douglas$01462103 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788336503321 996 $aWhy Inflation Targeting$93685570 997 $aUNINA