This file is part of IDEAS , which uses RePEc data
[ Papers |
Articles |
Software |
Books |
Chapters |
Authors |
Institutions |
JEL Classification |
NEP reports |
Search |
New papers by email |
Author registration |
Rankings |
Volunteers |
FAQ |
Blog |
Help! ]
Monetary Policy Under Inflation Targeting: An Introduction Author info | Abstract | Publisher info | Download info | Related research | Statistics Frederic S. Mishkin
Klaus Schmidt-Hebbel D.
Additional information is available for the following
registered author(s):
This brief review takes stock of the recent literature on monetary policy under inflation targeting and introduces new analytical and empirical research in this field. Six key areas of previous research are reviewed: the practice and optimality of inflation targeting regime features; optimal monetary policy; uncertainty, learning, and monetary policy; transparency, communication, and accountability; asset prices and monetary policy; and economic performance under inflation targeting and in comparison to non-targeting regimes. The review suggests a significant number of open issues that are addressed in 13 new contributions presented at the 2005 Annual Conference of the Central Bank of Chile, which are summarized here.
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
page . Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
Article provided by Central Bank of Chile in its journal Economía Chilena .
Volume (Year): 9 (2006)
Issue (Month): 3 (December)
Pages: 5-17
Download reference. The following formats are available: HTML
(with abstract ),
plain text
(with abstract ),
BibTeX ,
RIS (EndNote, RefMan, ProCite),
ReDIF
Handle: RePEc:chb:bcchec:v:9:y:2006:i:3:p:5-17Contact details of provider: Postal: Casilla No967, Santiago Phone: (562) 670 2000 Fax: (562) 698 4847 Web page: http://www.bcentral.cl/ More information through EDIRC
For technical questions regarding this item, or to correct its listing, contact: (Claudio Sepulveda).
Keywords: Other versions of this item:
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.: Gürkaynak, Refet S. & Levin, Andrew & Swanson, Eric T, 2006.
"Does Inflation Targeting Anchor Long-Run Inflation Expectations? Evidence from Long-Term Bond Yields in the US, UK and Sweden ,"
CEPR Discussion Papers
5808, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted)
Other versions: Mccallum, Bennet T., 1988.
"Robustness properties of a rule for monetary policy ,"
Carnegie-Rochester Conference Series on Public Policy ,
Elsevier, vol. 29(1), pages 173-203, January.
[Downloadable!] (restricted)
Marco Vega & Diego Winkelried, 2005.
"Inflation Targeting and Inflation Behavior: A Successful Story? ,"
Macroeconomics
0502026, EconWPA.
[Downloadable!]
Other versions:
Vega, Marco & Winkelried, Diego, 2004.
"Inflation Targeting and Inflation Behavior: A Successful Story? ,"
MPRA Paper
838, University Library of Munich, Germany.
[Downloadable!] Marco Vega & Diego Winkelried, 2005.
"Inflation Targeting and Inflation Behavior: A Successful Story? ,"
International Journal of Central Banking ,
International Journal of Central Banking, vol. 1(3), December.
[Downloadable!] Vitor Gaspar & Frank Smets & David Vestin, 2006.
"Adaptive Learning, Persistence, and Optimal Monetary Policy ,"
Journal of the European Economic Association ,
MIT Press, vol. 4(2-3), pages 376-385, 04-05.
[Downloadable!] (restricted)
Other versions: Jeffery D. Amato & Stephen Morris & Hyun Song Shin, 2002.
"Communication and Monetary Policy ,"
Oxford Review of Economic Policy ,
Oxford University Press, vol. 18(4), pages 495-503.
Other versions:
Stephen Morris & Jeffery D. Amato & Hyun Song Shin, 2004.
"Communication and Monetary Policy ,"
Yale School of Management Working Papers
ysm345, Yale School of Management.
[Downloadable!] Jeffery Amato & Stephen Morris & Hyun Song Shin, 2003.
"Communication and Monetary Policy ,"
Levine's Bibliography
506439000000000330, UCLA Department of Economics.
[Downloadable!] Jeffery D. Amato & Hyun Song Shin & Stephen Morris, 2003.
"Communication and monetary policy ,"
BIS Working Papers
123, Bank for International Settlements.
[Downloadable!] Jeffrey D. Amado & Stephen Morris & Hyun Song Shin, 2003.
"Communication and Monetary Policy ,"
Cowles Foundation Discussion Papers
1405, Cowles Foundation, Yale University.
[Downloadable!] Gerali, Andrea & Lippi, Francesco, 2003.
"Optimal Control and Filtering in Linear Forward-looking Economies: A Toolkit ,"
CEPR Discussion Papers
3706, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted)
Ben S. Bernanke & Mark Gertler, 2001.
"Should Central Banks Respond to Movements in Asset Prices? ,"
American Economic Review ,
American Economic Association, vol. 91(2), pages 253-257, May.
[Downloadable!] (restricted)
Efrem Castelnuovo & Sergio Nicoletti-Altimari & Diego Rodriguez-Palenzuela, 2003.
"Definition of price stability, range and point inflation targets - the anchoring of long-term inflation expectations ,"
Working Paper Series
273, European Central Bank.
[Downloadable!]
Calderon, Cesar & Schmidt-Hebbel, Klaus, 2003.
"Macroeconomic policies and performance in Latin America ,"
Journal of International Money and Finance ,
Elsevier, vol. 22(7), pages 895-923, December.
[Downloadable!] (restricted)
Other versions: Chadha, Jagjit S & Nolan, Charles, 2002.
"Inflation and Price Level Targeting in a New Keynesian Model ,"
Manchester School ,
University of Manchester, vol. 70(4), pages 570-95, Special I.
[Downloadable!] (restricted)
Other versions: Manfred J.M. Neumann & Jrgen von Hagen, 2002.
"Does inflation targeting matter? ,"
Review ,
Federal Reserve Bank of St. Louis, issue Jul, pages 127-148.
[Downloadable!]
Oscar Landerretche & Vittorio Corbo & Klaus Schmidt-Hebbel, 2001.
"Does Inflation Targeting Make a Difference ,"
Working Papers Central Bank of Chile
106, Central Bank of Chile.
[Downloadable!]
Other versions:
Frederic Mishkin & Klaus Schmidt-Hebbel, 2006.
"Does Inflation Targeting Make a Difference? ,"
Working Papers Central Bank of Chile
404, Central Bank of Chile.
[Downloadable!] Frederic S. Mishkin & Klaus Schmidt-Hebbel, 2007.
"Does Inflation Targeting Make a Difference? ,"
NBER Working Papers
12876, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Frederic S. Mishkin & Klaus Schmidt-Hebbel, 2006.
"Does Inflation Targeting Make a Difference? ,"
Working Papers
2006/13, Czech National Bank, Research Department.
[Downloadable!] Athanasios Orphanides & John C. Williams, 2002.
"Robust monetary policy rules with unknown natural rates ,"
Working Papers in Applied Economic Theory
2003-01, Federal Reserve Bank of San Francisco.
[Downloadable!]
Other versions: Walsh, Carl E, 2003.
" Accountability, Transparency, and Inflation Targeting ,"
Journal of Money, Credit and Banking ,
Blackwell Publishing, vol. 35(5), pages 829-49, October.
Gauti B. Eggertsson & Michael Woodford, 2003.
"The Zero Bound on Interest Rates and Optimal Monetary Policy ,"
Brookings Papers on Economic Activity ,
Economic Studies Program, The Brookings Institution, vol. 34(2003-1), pages 139-235.
[Downloadable!]
Guillermo Calvo & Frederic S. Mishkin, 2003.
"The Mirage of Exchange Rate Regimes for Emerging Market Countries ,"
NBER Working Papers
9808, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Other versions: Cukierman, Alex & Lippi, Francesco, 2005.
"Endogenous monetary policy with unobserved potential output ,"
Journal of Economic Dynamics and Control ,
Elsevier, vol. 29(11), pages 1951-1983, November.
[Downloadable!] (restricted)
Other versions:
Alex Cukierman & Francesco Lippi, 2004.
"Endogenous monetary policy with unobserved potential output ,"
Temi di discussione (Economic working papers)
493, Bank of Italy, Economic Research Department.
[Downloadable!] Alex Cukierman & Francesco Lippi, 2003.
"Endogenous Monetary Policy with Unobserved Potential Output ,"
CEIS Research Paper
26, Tor Vergata University, CEIS.
[Downloadable!] Cukierman, Alex & Lippi, Francesco, 2003.
"Endogenous Monetary Policy with Unobserved Potential Output ,"
CEPR Discussion Papers
3763, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Jon Faust & Dale W. Henderson, 2004.
"Is inflation targeting best-practice monetary policy? ,"
Review ,
Federal Reserve Bank of St. Louis, issue Jul, pages 117-144.
[Downloadable!]
Lars E. O. Svensson, 2003.
"Escaping from a Liquidity Trap and Deflation: The Foolproof Way and Others ,"
Journal of Economic Perspectives ,
American Economic Association, vol. 17(4), pages 145-166, Fall.
[Downloadable!] (restricted)
Other versions: Johnson, David R., 2002.
"The effect of inflation targeting on the behavior of expected inflation: evidence from an 11 country panel ,"
Journal of Monetary Economics ,
Elsevier, vol. 49(8), pages 1521-1538, November.
[Downloadable!] (restricted)
Svensson, Lars E. O., 1997.
"Inflation forecast targeting: Implementing and monitoring inflation targets ,"
European Economic Review ,
Elsevier, vol. 41(6), pages 1111-1146, June.
[Downloadable!] (restricted)
Other versions:
Svensson, L-E-O, 1996.
"Inflation Forecast Targeting : Implementaing and Monitoring Inflation Targets ,"
Papers
615, Stockholm - International Economic Studies.
Svensson, Lars E.O., 1997.
"Inflation Forecast Targeting: Implementing and Monitoring Inflation Targets ,"
Seminar Papers
615, Stockholm University, Institute for International Economic Studies.
[Downloadable!] Svensson, Lars E O, 1996.
"Inflation Forecast Targeting: Implementing and Monitoring Inflation Targets ,"
CEPR Discussion Papers
1511, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Lars E. O. Svensson, 1997.
"Inflation Forecast Targeting: Implementing and Monitoring Inflation Targets ,"
NBER Working Papers
5797, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Lars E O Svensson, .
"Inflation Forecast Targeting: Implementing and Monitoring Inflation Targets ,"
Bank of England working papers
56, Bank of England.
Charles Bean, 2003.
"Asset prices, financial imbalances and monetary policy: are inflation targets enough? ,"
BIS Working Papers
140, Bank for International Settlements.
[Downloadable!]
Other versions: Kevin X. D. Huang & Zheng Liu, 2004.
"Inflation targeting: what inflation rate to target? ,"
Working Papers
04-6, Federal Reserve Bank of Philadelphia.
[Downloadable!]
Other versions: Maria Demertzis & Nicola Viegi, 2004.
"The Dynamic Properties of Inflation Targeting Under Uncertainty ,"
DNB Staff Reports (discontinued)
113, Netherlands Central Bank.
[Downloadable!]
James Yetman, 2005.
"Discretionary Policy, Potential Output Uncertainty, and Optimal Learning ,"
Reserve Bank of New Zealand Discussion Paper Series
DP2005/07, Reserve Bank of New Zealand.
[Downloadable!]
Stephen G. Cecchetti & Hans Genberg & Sushil Wadhwani, 2002.
"Asset Prices in a Flexible Inflation Targeting Framework ,"
NBER Working Papers
8970, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Andrew T. Levin & Fabio M. Natalucci & Jeremy M. Piger, 2004.
"The macroeconomic effects of inflation targeting ,"
Review ,
Federal Reserve Bank of St. Louis, issue Jul, pages 51-80.
[Downloadable!]
Marc P. Giannoni & Michael Woodford, 2003.
"Optimal Inflation Targeting Rules ,"
NBER Working Papers
9939, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Other versions: Gaspar, Vitor & Smets, Frank, 2002.
"Monetary Policy, Price Stability and Output Gap Stabilization ,"
International Finance ,
Blackwell Publishing, vol. 5(2), pages 193-211, Summer.
[Downloadable!] (restricted)
McCallum, Bennett T. & Nelson, Edward, 1999.
"Nominal income targeting in an open-economy optimizing model ,"
Journal of Monetary Economics ,
Elsevier, vol. 43(3), pages 553-578, June.
[Downloadable!] (restricted)
Other versions:
McCallum, B.T. & Nelson, E., 1998.
"Nominal Income Targeting in an Open-Economy Optimizing Model ,"
Papers
644, Stockholm - International Economic Studies.
Bennett T. McCallum & Edward Nelson, 2000.
"Nominal Income Targeting in an Open-Economy Optimizing Model ,"
NBER Working Papers
6675, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) McCallum, Bennett T. & Nelson, Edward, 1998.
"Nominal Income Targeting in an Open-Economy Optimizing Model ,"
Seminar Papers
644, Stockholm University, Institute for International Economic Studies.
[Downloadable!] Srour, Gabriel, 1999.
"Inflation Targeting under Uncertainty ,"
Technical Reports
85, Bank of Canada.
[Downloadable!]
Stephen G. Cecchetti & Junhan Kim, 2003.
"Inflation Targeting, Price-Path Targeting and Output Variability ,"
NBER Working Papers
9672, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Other versions: Yifan Hu, 2003.
"Empirical Investigations of Inflation Targeting ,"
Peterson Institute Working Paper Series
WP03-6, Peterson Institute for International Economics.
[Downloadable!]
Kydland, Finn E & Prescott, Edward C, 1977.
"Rules Rather Than Discretion: The Inconsistency of Optimal Plans ,"
Journal of Political Economy ,
University of Chicago Press, vol. 85(3), pages 473-91, June.
[Downloadable!] (restricted)
Jon Faust & Dale W. Henderson, 2004.
"Is inflation targeting best-practice monetary policy? ,"
International Finance Discussion Papers
807, Board of Governors of the Federal Reserve System (U.S.).
[Downloadable!]
Markus Hyvonen, 2004.
"Inflation Convergence Across Countries ,"
RBA Research Discussion Papers
rdp2004-04, Reserve Bank of Australia.
[Downloadable!]
Nessen, Marianne & Vestin, David, 2005.
"Average Inflation Targeting ,"
Journal of Money, Credit and Banking ,
Blackwell Publishing, vol. 37(5), pages 837-63, October.
Other versions:
Full
references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
Patricio Jaramillo & Juan Carlos Piantini, 2008.
"Multimodality Test and Mixture Distributions: An Application to the Central Bank Expectation Survey ,"
Working Papers Central Bank of Chile
489, Central Bank of Chile.
[Downloadable!]
Calani, Mauricio, 2007.
"Testing Globalization-Disinflation Hypothesis ,"
MPRA Paper
4787, University Library of Munich, Germany, revised 10 Sep 2007.
[Downloadable!]
WenShwo Fang & Stephen M. Miller & Chih-Chuan Yeh, 2007.
"Does a Threshold Inflation Rate Exist? Quantile Inferences for Inflation and Its Variability ,"
Working papers
2007-45, University of Connecticut, Department of Economics, revised Jun 2009.
[Downloadable!]
Other versions:
Access and
download statistics Did you know? No RePEc service, like IDEAS, charges for the use or the display of bibliographic data.
This page was last updated on 2009-11-16.
This information is provided to you by IDEAS at the Department of Economics , College of Liberal Arts and Sciences , University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics .