The Inflation-Targeting Debate - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The Inflation-Targeting Debate write by Ben S. Bernanke. This book was released on 2007-11-01. The Inflation-Targeting Debate available in PDF, EPUB and Kindle. Over the past fifteen years, a significant number of industrialized and middle-income countries have adopted inflation targeting as a framework for monetary policymaking. As the name suggests, in such inflation-targeting regimes, the central bank is responsible for achieving a publicly announced target for the inflation rate. While the objective of controlling inflation enjoys wide support among both academic experts and policymakers, and while the countries that have followed this model have generally experienced good macroeconomic outcomes, many important questions about inflation targeting remain. In Inflation Targeting, a distinguished group of contributors explores the many underexamined dimensions of inflation targeting—its potential, its successes, and its limitations—from both a theoretical and an empirical standpoint, and for both developed and emerging economies. The volume opens with a discussion of the optimal formulation of inflation-targeting policy and continues with a debate about the desirability of such a model for the United States. The concluding chapters discuss the special problems of inflation targeting in emerging markets, including the Czech Republic, Poland, and Hungary.
The Inflation-Targeting Debate - Edited by Ben Bernanke and Michael Woodford
The Inflation-Targeting Debate - Edited by Ben Bernanke and Michael Woodford - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The Inflation-Targeting Debate - Edited by Ben Bernanke and Michael Woodford write by Kirdan Lees. This book was released on 2008. The Inflation-Targeting Debate - Edited by Ben Bernanke and Michael Woodford available in PDF, EPUB and Kindle.
Settling the Inflation Targeting Debate: Lights from a Meta-Regression Analysis
Settling the Inflation Targeting Debate: Lights from a Meta-Regression Analysis - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Settling the Inflation Targeting Debate: Lights from a Meta-Regression Analysis write by Hippolyte W. Balima. This book was released on 2017-09-29. Settling the Inflation Targeting Debate: Lights from a Meta-Regression Analysis available in PDF, EPUB and Kindle. Inflation targeting (IT) has gained much traction over the past two decades, becoming a framework of reference for the conduct of monetary policy. However, the debate about its very merits and macroeconomic consequences remains inconclusive. This paper digs deeper into the issue through a meta-regression analysis (MRA) of the existing literature, making it the first application of a MRA to the macroeconomic effects of IT adoption. Building on 8,059 estimated coefficients from a very broad sample of 113 studies, the paper finds that the empirical literature suffers from two types of publication bias. First, authors, editors and reviewers prefer results featuring beneficial effects of IT adoption on inflation volatility, real GDP growth and fiscal performances; second, they promote results with estimated coefficients that are significantly different from zero. However, after filtering out the publication biases, we still find meaningful (genuine) effects of IT in reducing inflation and real GDP growth volatility, but no significant genuine effects on inflation volatility and the level of real GDP growth. Interestingly, the results indicate that the impact of IT varies systematically across studies, depending on the sample structure and composition, the time coverage, the estimation techniques, country-specific factors, IT implementation parameters, and publication characteristics.
The Inflation Targeting Debate
The Inflation Targeting Debate - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The Inflation Targeting Debate write by Malte Rieth. This book was released on 2017. The Inflation Targeting Debate available in PDF, EPUB and Kindle.
Inflation Targeting
Inflation Targeting - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Inflation Targeting write by Ben S. Bernanke. This book was released on 2018-06-05. Inflation Targeting available in PDF, EPUB and Kindle. How should governments and central banks use monetary policy to create a healthy economy? Traditionally, policymakers have used such strategies as controlling the growth of the money supply or pegging the exchange rate to a stable currency. In recent years a promising new approach has emerged: publicly announcing and pursuing specific targets for the rate of inflation. This book is the first in-depth study of inflation targeting. Combining penetrating theoretical analysis with detailed empirical studies of countries where inflation targeting has been adopted, the authors show that the strategy has clear advantages over traditional policies. They argue that the U.S. Federal Reserve and the European Central Bank should adopt this strategy, and they make specific proposals for doing so. The book begins by explaining the unique features and advantages of inflation targeting. The authors argue that the simplicity and openness of inflation targeting make it far easier for the public to understand the intent and effects of monetary policy. This strategy also increases policymakers' accountability for inflation performance and can accommodate flexible, even "discretionary," monetary policy actions without sacrificing central banks' credibility. The authors examine how well variants of this approach have worked in nine countries: Germany and Switzerland (which employ a money-focused form of inflation targeting), New Zealand, Canada, the United Kingdom, Sweden, Israel, Spain, and Australia. They show that these countries have typically seen lower inflation, lower inflation expectations, and lower nominal interest rates, and have found that one-time shocks to the price level have less of a "pass-through" effect on inflation. These effects, in turn, are improving the climate for economic growth. The authors warn, however, that the success of inflation targeting depends on operational details, such as how the targets are defined and when they are announced. They also show that inflation targeting is not a panacea that can make inflation perfectly predictable or reduce it without economic costs. Clear, balanced, and authoritative, Inflation Targeting is a groundbreaking study that will have a major impact on the debate over the right monetary strategy for the coming decades. As a unique comparative study of what central banks actually do in different countries around the world, this book will also be invaluable to anyone interested in how economic policy is made.
