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Towards A New Strategy Of Monetary Policy: Inflation Targeting

Author

Listed:
  • Isarescu, Mugur

    (Corresponding Member of the Romanian Academy)

Abstract

The paper presents the basic prerequisites that Romania should fulfill so that inflation reaches a level close to that of the countries that have joined EU in 2004, highlighting the need to adopt a new monetary policy strategy, namely inflation targeting. The lessons depicted from the experience of other countries that have adopted direct inflation targeting are also revealed, and the preconditions of inflation targeting and the extent to which they are accomplished in Romania are also examined. The basic concluding remark is that direct inflation targeting is a new strategy, which enhances the public accountability of the Central Bank and requires the factors influencing the economic phenomena to work closer together.

Suggested Citation

  • Isarescu, Mugur, 2004. "Towards A New Strategy Of Monetary Policy: Inflation Targeting," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 1(5), pages 35-51.
    • Handle: RePEc:rjr:romjef:v:1:y:2004:i:5:p:35-51
    as

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    More about this item

    Keywords

    inflation targeting; monetary policies; transition economies;
    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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