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Inflation targeting is a monetary-policy strategy that is characterized by an announced numerical inflationtarget, an implementation of monetary policy that gives a major role to an inflation forecast and hasbeen called forecast targeting, and a high degree of transparency and accountability. It was...
Inflation targeting is a monetary-policy strategy that is characterized by an announced numerical inflationtarget, an implementation of monetary policy that gives a major role to an inflation forecast and hasbeen called forecast targeting, and a high degree of transparency and accountability. It was introducedin New Zealand in 1990, has been very successful in terms of stabilizing both inflation and the realeconomy, and has, as of 2010, been adopted by about 25 industrialized and emerging-market economies.The chapter discusses the history, macroeconomic effects, theory, practice, and future of inflation targeting.
