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Inflation Targeting and its Effects on Macroeconomic Performance

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  • Thorarinn G. Petursson
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    Abstract

    An increasing number of countries have adopted inflation targeting since New Zealand first adopted this framework in early 1990. Currently there are 21 countries using inflation targeting in every continent of the world. This paper discusses the characteristics of these countries and how the adoption of inflation targeting has affected their economic performance along several dimensions. The main conclusion is that inflation targeting has largely been a success. The new framework has made central banks, which previously lacked credibility, able to change the way they do monetary policy towards what is commonly considered best practice. In many respects they have even been leading in creating a new benchmark for how to formulate monetary policy.

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    This chapter was published in:

  • Thorarinn G. Petursson, 2005. "Inflation Targeting and its Effects on Macroeconomic Performance," SUERF Studies, SUERF - The European Money and Finance Forum, number 2005/5 edited by Morten Balling.
    This item is provided by SUERF - The European Money and Finance Forum in its series Chapters in SUERF Studies with number 38-1.

    Handle: RePEc:erf:erfssc:38-1

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    1. Mishkin, Frederic S. & Savastano, Miguel A., 2001. "Monetary policy strategies for Latin America," Journal of Development Economics, Elsevier, vol. 66(2), pages 415-444, December.
    2. Andrew Powell & Martin Gonzalez Rozada & Verónica Cohen Sabbán, 2003. "A new test for the success of inflation targeting," Business School Working Papers trece, Universidad Torcuato Di Tella.
    3. Edwin M. Truman, 2003. "Inflation Targeting in the World Economy," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 346, 1st quart.
    4. repec:imf:imfocp:202 is not listed on IDEAS
    5. Schmidt-Hebbel, Klaus & Tapia, Matias, 2002. "Inflation targeting in Chile," The North American Journal of Economics and Finance, Elsevier, vol. 13(2), pages 125-146, August.
    6. Norman Loayza & Raimundo Soto, 2001. "Ten Years of Inflation Targeting: Design, Performance, Challenges," Working Papers Central Bank of Chile 131, Central Bank of Chile.
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    Cited by:
    1. Cesar R Sobrino, 2010. "The Effects of Inflation Targeting on the Current Account: An Empirical Examination," Economics Bulletin, AccessEcon, vol. 30(2), pages 1105-1112.
    2. Heinz Handler, 2008. "From the Bancor to the Euro. And Further on to the Intor?," WIFO Working Papers 317, WIFO.

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