Description
Book SynopsisFeatures a study of inflation targeting. This book shows that this strategy has advantages over traditional policies. It argues that the US Federal Reserve and the European Central Bank should adopt this strategy. It offers a study of what central banks do in different countries. It is intended for those interested in how economic policy is made.
Trade Review"Bernanke et al. provide a coherent and well-structured analysis of IT that will be essential reading for central bankers and academics interested in simply understanding IT, or contemplating an IT regime themselves. The volume is rich in detail about the individual experiences of the various inflation targeting countries."--Journal of Economics "A groundbreaking study that will be likely to have a major impact on the debate over the right monetary strategy for the coming years. As many countries currently think of adopting inflation targeting in one form or another, the arrival of this book could not be more timely."--Weltwirtschaftliches Archiv, Review of World Economics "This readable and well-structured examination of a relatively new approach to guiding monetary policy is a useful addition to contemporary policy analysis."--Choice
Table of ContentsList of FiguresPrefacePt. 1Inflation Targeting: The Issues11Introduction32The Rationale for Inflation Targeting103Issues of Design and Implementation26Pt. 2Case Studies and Empirical Evidence394German and Swiss Monetary Targeting: Precursors to Inflation Targeting415New Zealand: Inflation-Targeting Pioneer866Canada: Inflation Targets as Tools of Communication1157United Kingdom: The Central Bank as Counterinflationary Conscience1458Sweden: Searching for a Nominal Anchor1729Three Small Open Economies: Israel, Australia, and Spain20310Inflation Targeting: How Successful Has It Been?252Pt. 3Conclusions28511What Have We Learned?28712Inflation Targeting for the United States and the European Monetary Union309Notes335References355Index367
