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The effects of inflation targeting on macroeconomic performance

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  • Thórarinn G. Pétursson
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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 economic effects of inflation targeting. 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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    File URL: http://www.sedlabanki.is/uploads/files/WP-23.pdf
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    Bibliographic Info

    Paper provided by Department of Economics, Central bank of Iceland in its series Economics with number wp23_thorarinn.

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    Date of creation: Jun 2004
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    Handle: RePEc:ice:wpaper:wp23_thorarinn

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