Challenges to Inflation Targeting in the Context of the post-August 2007 Period
In the early 1990 New Zealand passed the Reserve Bank of New Zealand Act, which gave the Reserve Bank the price stability role and independence “to achieve and maintain price stability”, which became known later as inflation targeting (IT). Since then, IT gained reputation, becoming the monetary regime of choice of many central banks around the world. Among them, the National Bank or Romania changed in mid-2005 the strategy of the monetary policy with IT. Nowadays, although the world economy shows signs of recovery from the financial crisis and the resulting deep recession of the global economy (or the post-August 2007 period), challenges still exist for those central banks that implement an IT framework. Thereby, the paper highlights some of the challenges confronted in recent years by central banks that practice inflation targeting as a monetary policy strategy and possible lessons that can be learned from the global crisis.
Volume (Year): X (2010)
Issue (Month): 2 (October)
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