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It Framework Design Parameters

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Author Info

  • Douglas Laxton
  • Charles Freedman

Abstract

This is the third chapter of a forthcoming monograph entitled "On Implementing Full-Fledged Inflation-Targeting Regimes: Saying What You Do and Doing What You Say." It examines a number of elements in the design of an inflation-targeting framework. These include the definition of the target variable, the relevance of core measures of inflation, and the advantages and disadvantages of point targets, point targets with a band, and range targets. It then discusses the choice of a long-term inflation rate, the target horizon, and the policy horizon.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 09/87.

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Length: 16
Date of creation: 01 Apr 2009
Date of revision:
Handle: RePEc:imf:imfwpa:09/87

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Related research

Keywords: Inflation targeting; Information technology; Inflation rates; Data collection; Data analysis; inflation; monetary policy; central bank; inflation rate; inflation target; inflation-targeting; monetary fund; rate of inflation; price level; real interest rates; nominal interest rates; low inflation; nominal interest rate; real interest rate; inflation targeting regime; optimal monetary policy; measure of inflation; increase in inflation; inflation forecasts; long-term interest rates; real rate of interest; high inflation; effects of inflation; gdp deflator; monetary policy regime; inflation equation; inflation objective; financial stability; monetary policy rules; price stability; rise in inflation; actual inflation; increase in interest rates; inflationary spiral; monetary policy framework; monetary arrangements; monetary policy objectives; acceleration in inflation; monetary conditions;

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References

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  1. Charles Freedman & Douglas Laxton, 2009. "Why Inflation Targeting?," IMF Working Papers 09/86, International Monetary Fund.
  2. Peter Isard & Douglas Laxton & Ann-Charlotte Eliasson, 1999. "Simple Monetary Policy Rules Under Model Uncertainty," International Tax and Public Finance, Springer, vol. 6(4), pages 537-577, November.
  3. Refet S. Gürkaynak & Brian Sack & Eric Swanson, 2003. "The excess sensitivity of long-term interest rates: evidence and implications for macroeconomic models," Proceedings, Federal Reserve Bank of San Francisco, issue Mar.
  4. 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.
  5. International Monetary Fund, 2009. "Inflation Targeting Under Imperfect Policy Credibility," IMF Working Papers 09/94, International Monetary Fund.
  6. Refet S. Gürkaynak & Brian Sack & Eric Swanson, 2005. "The Sensitivity of Long-Term Interest Rates to Economic News: Evidence and Implications for Macroeconomic Models," American Economic Review, American Economic Association, vol. 95(1), pages 425-436, March.
  7. Scott Roger & Mark R. Stone, 2005. "On Target? the International Experience with Achieving Inflation Targets," IMF Working Papers 05/163, International Monetary Fund.
  8. Edwin M. Truman, 2003. "Inflation Targeting in the World Economy," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 346.
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