Inflation <strong>targeting</strong>: Fix it, don’t scrap itregime seeks to instantiate should make it possible to fine-tune aspects of the practiceof <strong>inflation</strong> <strong>targeting</strong>, 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
Is <strong>inflation</strong> <strong>targeting</strong> dead? Central Banking After the CrisisQvigstad, Jan F (2006), “When Does an Interest Rate Path ‘Look Good’? Criteria for anAppropriate Future Interest Rate Path: A Practitioner’s Approach,” Norges Bank staffmemo 2006/5, April.Svensson, Lars EO (1997), “Inflation Forecast Targeting: Implementing and MonitoringInflation Targets”, European Economic Review, 41. 1111-1146 .Svensson, Lars EO (1999). “Price-Level Targeting versus Inflation Targeting: A FreeLunch?”, Journal of Money, Credit and Banking, 31, 277-295.Svensson, Lars EO (2003), “Escaping from a Liquidity Trap and Deflation: TheFoolproof Way and Others”, Journal of Economic Perspectives, 174, 145-166.Svensson, Lars EO and Michael Woodford (2005), “Implementing Optimal Policythrough Inflation-Forecast Targeting,” in BS Bernanke and M Woodford (eds.), TheInflation Targeting Debate, Chicago, University of Chicago Press 2005.Vestin, David (2006), “Price-Level Targeting versus Inflation Targeting in a Forward-Looking Model”, Journal of Monetary Economics 53, 1361-1376.Vickers, John (1998), “Inflation Targeting in Practice: The U.K. Experience,” Bank ofEngland Quarterly Bulletin, 38, 368-375.Woodford, Michael (1999), “Commentary: How Should Monetary Policy Be Conductedin an Era of Price Stability?” in New Challenges for Monetary Policy, Kansas City,Federal Reserve Bank of Kansas City.Woodford, Michael (2000), “Pitfalls of Forward-Looking Monetary Policy,” TheAmerican Economic Review 90(2), 100-104.Woodford, Michael (2008), “How Important is Money in the Conduct of MonetaryPolicy?”, Journal of Money, Credit and Banking, 40, 1561-1598.88
- Page 5 and 6:
Centre for Economic Policy Research
- Page 8 and 9:
ForewordSince the onset of the Glob
- Page 11 and 12:
IntroductionLucrezia Reichlin and R
- Page 13 and 14:
Is inflation targeting dead? Centra
- Page 15 and 16:
Is inflation targeting dead? Centra
- Page 17 and 18:
Is inflation targeting dead? Centra
- Page 19 and 20:
Is inflation targeting dead? Centra
- Page 21 and 22:
Is inflation targeting dead? Centra
- Page 23 and 24:
Is inflation targeting dead? Centra
- Page 25 and 26:
Is inflation targeting dead? Centra
- Page 27 and 28:
Is inflation targeting dead? Centra
- Page 29 and 30:
Is inflation targeting dead? Centra
- Page 31 and 32:
Is inflation targeting dead? Centra
- Page 33 and 34:
Is inflation targeting dead? Centra
- Page 35 and 36:
Is inflation targeting dead? Centra
- Page 37 and 38: Is inflation targeting dead? Centra
- Page 39 and 40: Is inflation targeting dead? Centra
- Page 41: Is inflation targeting dead? Centra
- Page 44 and 45: Is inflation targeting passé?Frank
- Page 46 and 47: Monetary targetry: Might Carney mak
- Page 48 and 49: Monetary targetry: Might Carney mak
- Page 50 and 51: Monetary targetry: Might Carney mak
- Page 52 and 53: Is inflation targeting dead?Ben Bro
- Page 54 and 55: Is inflation targeting dead?to rais
- Page 56 and 57: Is inflation targeting dead?to ‘l
- Page 58 and 59: Is inflation targeting dead?The cos
- Page 60 and 61: Cheap talk is no alternative toinfl
- Page 62 and 63: Cheap talk is no alternative to inf
- Page 64 and 65: Cheap talk is no alternative to inf
- Page 66 and 67: Cheap talk is no alternative to inf
- Page 68 and 69: The evolution of modern central ban
- Page 70 and 71: The evolution of modern central ban
- Page 72 and 73: The evolution of modern central ban
- Page 74 and 75: The evolution of modern central ban
- Page 76 and 77: Inflation targeting: Fix it, don’
- Page 78 and 79: Inflation targeting: Fix it, don’
- Page 80 and 81: Inflation targeting: Fix it, don’
- Page 82 and 83: Inflation targeting: Fix it, don’
- Page 84 and 85: Inflation targeting: Fix it, don’
- Page 86 and 87: Inflation targeting: Fix it, don’
- Page 90 and 91: Inflation targeting: Fix it, don’
- Page 92 and 93: Nominal-GDP targets, without losing
- Page 94 and 95: Nominal-GDP targets, without losing
- Page 96 and 97: Reviving ‘money and banking’Mar
- Page 98 and 99: Reviving ‘money and banking’col
- Page 100 and 101: Reviving ‘money and banking’Thi
- Page 102 and 103: Reviving ‘money and banking’pro
- Page 104 and 105: Reviving ‘money and banking’200
- Page 106 and 107: A broader mandate: Why inflation ta
- Page 108 and 109: A broader mandate: Why inflation ta
- Page 110 and 111: A broader mandate: Why inflation ta
- Page 112 and 113: A broader mandate: Why inflation ta
- Page 114 and 115: Flexible inflation targeting:Perfor
- Page 116 and 117: Flexible inflation targeting: Perfo
- Page 118 and 119: Flexible inflation targeting: Perfo
- Page 120 and 121: Flexible inflation targeting: Perfo
- Page 122 and 123: Will central banking change?allowed
- Page 124 and 125: Will central banking change?unemplo
- Page 126 and 127: Will central banking change?About t
- Page 128 and 129: Central banking after the crisis: C
- Page 130 and 131: Central banking after the crisis: C
- Page 132 and 133: Central banking after the crisis: C
- Page 135 and 136: Challenges to inflation targetingaf
- Page 137 and 138: Is inflation targeting dead? Centra
- Page 139 and 140:
Is inflation targeting dead? Centra
- Page 141:
Fourteen world-renowned scholars, p