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

Inflation targeting: Fix it, don’t scrap itWoodford, Michael (2012a), “Forecast Targeting as a Monetary Policy Strategy: PolicyRules in Practice,” in EF Koenig, R Leeson, and GA Kahn (eds.) The Taylor Rule andthe Transformation of Monetary Policy, Stanford, CA, Hoover Institution Press.Woodford, Michael (2012b), “Methods of Policy Accommodation at the Interest-RateLower Bound”, presented at the Federal Reserve Bank of Kansas City Symposium onthe Changing Policy Landscape, September 2012b.Wren-Lewis, Simon (2013), written evidence submitted to the House of CommonsTreasury Committee, for the hearing on the Appointment of Dr Mark Carney asGovernor of the Bank of England, January 2013.About the authorMichael Woodford has been the John Bates Clark Professor of Political Economyat Columbia University since 2004, after previous appointments at Columbia, theUniversity of Chicago, and Princeton University. He received his A.B. from theUniversity of Chicago, his J.D. from Yale Law School, and his PhD in Economics fromM.I.T. He has been a MacArthur Fellow and a Guggenheim Fellow, and is a Fellow ofthe American Academy of Arts and Sciences, as well as a Fellow of the EconometricSociety, a Research Associate of the National Bureau of Economic Research (Cambridge,Mass.), and a Research Fellow of the Centre for Economic Policy Research (London).In 2007 he was awarded the Deutsche Bank Prize in Financial Economics. He is theauthor of Interest and Prices: Foundations of a Theory of Monetary Policy, recipientof the 2003 Association of American Publishers Award for Best Professional/ScholarlyBook in Economics, and co-author or co-editor of several other volumes, includingNorth-Holland’s three-volume Handbook of Macroeconomics (with John B. Taylor)and The Inflation Targeting Debate (with Ben S. Bernanke).89