P248 inflation targeting(2)

Inflation targeting: Fix it, don’t scrap itregime seeks to instantiate should make it possible to fine-tune aspects of the practiceof inflation targeting, in a way that addresses the needs of the current situation whilemaking it clear that the fundamental commitments of the regime remain unchanged.ReferencesBernanke, Ben S (2004a), “Inflation Targeting,” Federal Reserve Bank of St. LouisReview, July/August, 165-168.Bernanke, Ben S (2004b), “The Great Moderation”, speech at the meeting of the EasternEconomic Association, Washington, DC, 20 February.Bernanke, Ben S, Thomas Laubach, Frederic S. Mishkin, and Adam S Posen (1999),Inflation Targeting: Lessons from the International Experience, Princeton, PrincetonUniversity Press.Carney, Mark (2012) “Guidance”, speech before the CFA Society Toronto, Toronto,Ontario, 11 December.Eggertsson, Gauti B, and Michael Woodford (2003), “The Zero Bound on InterestRates and Optimal Policy”, Brookings Papers on Economic Activity 1, 139-233.El-Erian, Mohamed A (2012), “Farewell to Inflation Targeting?”, Project Syndicate,posted 20 December.Frankel, Jeffrey (2012), “The Death of Inflation Targeting”, VoxEU.org, posted 19 June.Goodhart, Charles AE (2001), “Monetary Transmission Lags and the Formulation ofthe Policy Decision on Interest Rates”, Federal Reserve Bank of St. Louis Review, July/August, 165-181.King, Mervyn (1997), “Changes in UK Monetary Policy: Rules and Discretion inPractice”, Journal of Monetary Economics 39. 81-97.Norges Bank, (2012), “Monetary Policy Report 3/2012”, October/November.87