Twenty years of inflation targeting : lessons learned and future prospects / edited by David Cobham [and others].

Format:

Book

Contributor:

Cobham, David P., editor.

Norges bank.

Institute for Monetary and Financial Stability.

Language:

English

Subjects (All):

Inflation targeting--New Zealand.

Inflation targeting.

Banks and banking, Central--New Zealand.

Banks and banking, Central.

Physical Description:

1 online resource (xv, 451 pages) : digital, PDF file(s).

Place of Publication:

Cambridge : Cambridge University Press, 2010.

Summary:

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.

Contents:

Introduction / David Cobham, Øyvind Eitrheim, Stefan Gerlach and Jan Qvigstad

Welcome remarks: a Norwegian perspective / Jan F. Qvigstad

Reflections on inflation targeting / Athanasios Orphanides

Inflation targeting at 20: achievements and challenges / Scott Roger

Inflation targeting twenty years on: where, when, why, with what effects, what lies ahead? Klaus Schmidt-Hebbel

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

Inflation control around the world: why are some countries more successful than others? / Thórarinn G. Pétursson

Targeting inflation in Asia and the Pacific: lessons from the recent past / Andrew Filardo and Hans Genberg

Inflation targeting and asset prices / Christopher Allsopp

The optimal monetary policy instrument, inflation versus asset price targeting, and financial stability / Charles Goodhart, Carolina Osorio and Dimitrios Tsomocos

Expectations, deflation traps and macroeconomic policy / George Evans and Seppo Honkapohja

Heterogeneous expectations, learning and European inflation dynamics / Anke Weber

Inflation targeting and private sector forecasts / Stephen Cecchetti and Craig Hakkio

Inflation targeting, transparency and inflation forecasts: evidence from individual forecasters / Christopher Crowe

Gauging the effectiveness of quantitative forward guidance: evidence from three inflation targeters / Magnus Andersson and Boris Hofmann

Macro modelling with many models / Ida Wolden Bache, James Mitchell, Francesco Ravazzolo and Shaun P. Vahey

Have crisis monetary policy initiatives jeopardised central bank independence? / Charles Goodhart

Inflation targeting: learning the lessons from the financial crisis / Spencer Dale

The financial crisis as an opportunity to strengthen inflation targeting frameworks / Hans Genberg

Leaning against the wind is fine, but will often not be enough / Lars Heikensten

Inflation targeting, capital requirements and 'leaning against the wind': some comments / Sushil Wadhwani.

Notes:

Title from publisher's bibliographic system (viewed on 05 Oct 2015).

ISBN:

1-107-71344-7

1-107-20921-8

1-282-77072-1

9786612770722

0-511-90143-7

0-511-90222-0

0-511-79907-1

0-511-79767-2

0-511-77977-1

0-511-90064-3