Is inflation targeting dead? Central Banking After the Crisis - Vox

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Centre for Economic Policy Research (CEPR)The Centre for Economic Policy Research is a network of over 800 Research Fellowsand Affiliates, based primarily in European Universities. The Centre coordinates the researchactivities of its Fellows and Affiliates and communicates the results to the publicand private sectors. CEPR is an entrepreneur, developing research initiatives with theproducers, consumers and sponsors of research. Established in 1983, CEPR is a Europeaneconomics research organization with uniquely wide-ranging scope and activities.The Centre is pluralist and non-partisan, bringing economic research to bear on theanalysis of medium- and long-run policy questions. CEPR research may include viewson policy, but the Executive Committee of the Centre does not give prior review to itspublications, and the Centre takes no institutional policy positions. The opinions expressedin this report are those of the authors and not those of the Centre for EconomicPolicy Research.CEPR is a registered charity (No. 287287) and a company limited by guarantee andregistered in England (No. 1727026).Chair of the BoardPresidentChief Executive OfficerResearch DirectorPolicy DirectorGuillermo de la DehesaRichard PortesStephen YeoLucrezia ReichlinRichard Baldwin
ContentsForewordviiIntroduction 10Lucrezia Reichlin and Richard BaldwinWho killed the inflation target? 31Lorenzo Bini SmaghiIs inflation targeting passé? 37Stefan GerlachMonetary targetry: Might Carney make a difference? 44Charles A.E. Goodhart, Melanie Baker and Jonathan AshworthIs inflation targeting dead? 51Ben BroadbentCheap talk is no alternative to inflation targeting 59Adam S. PosenThe evolution of modern central banking: What happensnext? 66Mohamed A El-ErianInflation targeting: Fix it, don’tscrap it 74Michael WoodfordNominal-GDP targets, without losing the inflation anchor 90Jeffrey Frankel
Page 1: Is Inflation Targeting Dead?Central
Page 7 and 8: ForewordSince the onset of the Glob
Page 9 and 10: ForewordThe limits of monetary poli
Page 11 and 12: Introduction• Perpetrator: Inflat
Page 13 and 14: Introductionboth transparent commun
Page 15 and 16: Introduction• Financial crises of
Page 17 and 18: IntroductionThis posed a novel prob
Page 19 and 20: Introductionuntil unemployment fell
Page 21 and 22: Introductionbalance-sheet impairmen
Page 23 and 24: Introduction• Consideration of su
Page 25 and 26: Introductionenhance actual growth,
Page 27 and 28: Introductionrather than interpretin
Page 29 and 30: IntroductionConcluding remarksInfla
Page 31 and 32: Who killed the inflation target?Lor
Page 33 and 34: Who killed the inflation target?How
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The evolution of modern centralbank
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Inflation targeting: Fix it, don’
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Will central banking change?Charles
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