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Inflation targets: lessons from the Greenspan era

Author

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  • Simone Silva de Deos
  • Rogério P. de Andrade

Abstract

This paper approaches the experience of monetary policy in the Greenspan period and suggests what lessons could be learnt. The adoption of inflation targeting would denote a step backward in the policymaking process in the USA, for, since the 1980s, a distinctive feature is flexibility of response to adjust to unexpected events and changing environments. The Fed was able to exercise an informed judgement in critical situations and this opens the case for the importance of not restraining policymakers’ actions through the adoption of tight rules. Furthermore, that the various experiences with inflation targeting are indisputably huge successes, and that this framework represents the state of the art (therefore nothing else can alternatively be done), remains to be seen. JEL Classification: E52; E58.

Suggested Citation

  • Simone Silva de Deos & Rogério P. de Andrade, 2009. "Inflation targets: lessons from the Greenspan era," Brazilian Journal of Political Economy, Center of Political Economy, vol. 29(3), pages 94-113.
    • Handle: RePEc:ekm:repojs:v:29:y:2009:i:3:p:94-113:id:488
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    File URL: https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/488/487
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    More about this item

    Keywords

    inflation targeting; monetary policy; central banking;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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