Inflation Targeting: A New Framework for Monetary Policy?
Ben BernankeClass of 1926 Professor of Economics and Public Affairs, Princeton University, Princeton, New Jersey, and Research Associate of the National Bureau of Economic Research, Cambridge, MassachusettsFrederic S. MishkinExecutive Vice President and Director of Research at the Federal Reserve Bank of New York, New York, New York, and Research Associate of the National Bureau of Economic Research, Cambridge, Massachusetts.; A. Barton Hepburn Professor of Economics and Finance, Graduate School of Business, Columbia University, New York, New York
1997en
ABI
Аннотация
In recent years, a number of industrialized countries have adopted a strategy for monetary policy known as ‘inflation targeting.’ The authors describe how this approach has been implemented in practice and argue that it is best understood as a broad framework for policy, which allows the central bank ‘constrained discretion,’ rather than as an ironclad policy rule in the Friedman sense. They discuss the potential of the inflation-targeting approach for making monetary policy more coherent and transparent and for increasing monetary policy discipline. The authors' final section addresses some additional practical issues raised by this approach.
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