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Inflation Targeting: A Critical Appraisal

  • Philip Arestis

    (The Levy Economics Institute)

  • Malcolm Sawyer

    (University of Leeds)

Since the early 1990s, a number of countries have adopted Inflation Targeting (IT) in an effort to reduce inflation. Most literature has praised IT as a superior framework of monetary policy. We suggest that IT is a major policy prescription closely associated with the New Consensus Macroeconomics (NCM). Focusing mainly on the IT aspects of the NCM, we address and assess the theoretical foundations of IT, and then assess the empirical work on IT, distinguishing between work that utilizes structural macroeconomic models and work based on single- equation techniques. The IT theoretical framework and the available empirical evidence do not appear to support the views of IT proponents.

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Paper provided by EconWPA in its series Macroeconomics with number 0309015.

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Length: 30 pages
Date of creation: 22 Sep 2003
Date of revision:
Handle: RePEc:wpa:wuwpma:0309015
Note: Type of Document - word; prepared on PC; to print on HP/PostScript; pages: 30; figures: included
Contact details of provider: Web page: http://128.118.178.162

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  1. van Els, Peter J. A. & Locarno, Alberto & Morgan, Julian & Villetelle, Jean-Pierre, 2001. "Monetary policy transmission in the euro area: What do aggregate and national structural models tell us?," Working Paper Series 0094, European Central Bank.
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