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- Title
The Future of Inflation Targeting.
- Authors
WALSH, CARL E.
- Abstract
By the end of the Great Moderation, over two dozen central banks were formal inflation targeters, and others, such as the Federal Reserve, the European Central Bank and the Swiss National Bank, behaved essentially as inflation targeters even though they were resistant to identifying themselves as such. However, the past 3 years have seen central banks faced with new challenges, and these have raised questions about the future of inflation targeting as a framework for the conduct of monetary policy. I consider three suggested modifications to this policy framework: incorporating additional goals among a central bank's objectives; raising the average target for inflation; and switching to price level targeting.
- Subjects
EFFECT of inflation on the banking industry; MONETARY policy; PRICE inflation; CENTRAL banking industry; BOARD of Governors of the Federal Reserve System (U.S.); EUROPEAN Central Bank; SCHWEIZERISCHE Nationalbank
- Publication
Economic Record, 2011, Vol 87, Issue S1, p23
- ISSN
0013-0249
- Publication type
Article
- DOI
10.1111/j.1475-4932.2011.00735.x