Inflation targeting: dead or alive?
The present paper investigates how the global financial crisis has prompted the need to revise monetary policy in general and inflation targeting in particular, with the final purpose of establishing whether the crisis has rendered inflation targeting obsolete or has only strengthened its position as the central banking orthodoxy of our days. Departing from an outline of inflation targeting fundamentals and a brief history of monetary policy, the paper explores the merits of and criticism on inflation targeting from a theoretical as well as practical perspective. Finally, conclusions are drawn upon the analysis and prospects for the future, including proposed successors of inflation targeting, are briefly explored.
Volume (Year): 3 (2012)
Issue (Month): 3 (09)
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References listed on IDEAS
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- Ball, L. & Mankiw, G.H., 1992.
"Relative-Price Change as Aggregate Supply Shocks,"
Harvard Institute of Economic Research Working Papers
1609, Harvard - Institute of Economic Research.
- Laurence Ball & N. Gregory Mankiw, 1993. "Relative-price changes as aggregate supply shocks," Working Papers 93-13, Federal Reserve Bank of Philadelphia.
- Laurence Ball & N. Gregory Mankiw, 1992. "Relative-Price Changes as Aggregate Supply Shocks," NBER Working Papers 4168, National Bureau of Economic Research, Inc.
- Patrick A. Imam & Eleonara Granziera & Norbert Funke, 2008. "Terms of Trade Shocks and Economic Recovery," IMF Working Papers 08/36, International Monetary Fund.
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