Twenty Years of Inflation Targeting (eBook, PDF)

Lessons Learned and Future Prospects
Redaktion: Cobham, David

• Format: PDF

Produktbeschreibung

There is now a remarkably strong consensus among academics and professional economists that central banks should adopt explicit inflation targets and that all key monetary policy decisions, especially those concerning interest rates, should be made with a view to ensuring that these targets are achieved. This book provides a comprehensive review of the experience of inflation targeting since its introduction in New Zealand in 1989 and looks in detail at what we can learn from the past twenty years and what challenges we may face in the future. Written by a distinguished team of academics and professional economists from central banks around the world, the book covers a wide range of issues including many that have arisen as a result of the recent financial crisis. It should be read by anyone concerned with better understanding inflation targeting and its past, present and future role within monetary policy.

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Produktdetails

• Verlag: Cambridge University Press
• Erscheinungstermin: 16. September 2010
• Englisch
• ISBN-13: 9780511796098
• Artikelnr.: 38208434

Inhaltsangabe

List of figures; List of tables; 1. Introduction David Cobham, Øyvind
Eitrheim, Stefan Gerlach and Jan Qvigstad; 2. Welcome remarks: a Norwegian
perspective Jan F. Qvigstad; 3. Reflections on inflation targeting
Athanasios Orphanides; 4. Inflation targeting at 20: achievements and
challenges Scott Roger; 5. Inflation targeting twenty years on: where,
when, why, with what effects, what lies ahead? Klaus Schmidt-Hebbel; 6. How
did we get to inflation targeting and where do we need to go to now? A
perspective from the US experience Daniel L. Thornton; 7. Inflation control
around the world: why are some countries more successful than others?
Thórarinn G. Pétursson; 8. Targeting inflation in Asia and the Pacific:
lessons from the recent past Andrew Filardo and Hans Genberg; 9. Inflation
targeting and asset prices Christopher Allsopp; 10. The optimal monetary
policy instrument, inflation versus asset price targeting, and financial
stability Charles Goodhart, Carolina Osorio and Dimitrios Tsomocos; 11.
Expectations, deflation traps and macroeconomic policy George Evans and
Seppo Honkapohja; 12. Heterogeneous expectations, learning and European
inflation dynamics Anke Weber; 13. Inflation targeting and private sector
forecasts Stephen Cecchetti and Craig Hakkio; 14. Inflation targeting,
transparency and inflation forecasts: evidence from individual forecasters
Christopher Crowe; 15. Gauging the effectiveness of quantitative forward
guidance: evidence from three inflation targeters Magnus Andersson and
Boris Hofmann; 16. Macro modelling with many models Ida Wolden Bache, James
Mitchell, Francesco Ravazzolo and Shaun P. Vahey; 17. Have crisis monetary
policy initiatives jeopardised central bank independence? Charles Goodhart;
18. Inflation targeting: learning the lessons from the financial crisis
Spencer Dale; 19. The financial crisis as an opportunity to strengthen
inflation targeting frameworks Hans Genberg; 20. Leaning against the wind
is fine, but will often not be enough Lars Heikensten; 21. Inflation
targeting, capital requirements and 'leaning against the wind': some
comments Sushil Wadhwani; Index.