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Inflation targeting and revisions to inflation data: a case study with PCE inflation

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  • Calvin Price

Abstract

Central banks around the world have come to recognize the importance of maintaining low and stable inflation. One widely employed tool for helping to do so is known as inflation targeting, whereby a central bank sets a numeric goal for inflation. Once this target is publicly stated, the bank can be held accountable for its actions in regard to meeting, or not meeting, this target. Countries that have adopted such a tool have generally had a favorable experience, and there is evidence that inflation targeting is correlated with increased stability in output growth, lower inflation, and more stable inflation expectations (Dotsey, 2006).

Suggested Citation

  • Calvin Price, 2011. "Inflation targeting and revisions to inflation data: a case study with PCE inflation," Research Rap Special Report, Federal Reserve Bank of Philadelphia, issue Jul.
    • Handle: RePEc:fip:fedprr:00006
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