Inflation Targeting: Lessons from the International Experience

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9780691086897: Inflation Targeting: Lessons from the International Experience

How should governments and central banks use monetary policy to create a healthy economy? Traditionally, policymakers have used such strategies as controlling the growth of the money supply or pegging the exchange rate to a stable currency. In recent years a promising new approach has emerged: publicly announcing and pursuing specific targets for the rate of inflation. This book is the first in-depth study of inflation targeting. Combining penetrating theoretical analysis with detailed empirical studies of countries where inflation targeting has been adopted, the authors show that the strategy has clear advantages over traditional policies. They argue that the U.S. Federal Reserve and the European Central Bank should adopt this strategy, and they make specific proposals for doing so.


The book begins by explaining the unique features and advantages of inflation targeting. The authors argue that the simplicity and openness of inflation targeting make it far easier for the public to understand the intent and effects of monetary policy. This strategy also increases policymakers' accountability for inflation performance and can accommodate flexible, even "discretionary," monetary policy actions without sacrificing central banks' credibility. The authors examine how well variants of this approach have worked in nine countries: Germany and Switzerland (which employ a money-focused form of inflation targeting), New Zealand, Canada, the United Kingdom, Sweden, Israel, Spain, and Australia. They show that these countries have typically seen lower inflation, lower inflation expectations, and lower nominal interest rates, and have found that one-time shocks to the price level have less of a "pass-through" effect on inflation. These effects, in turn, are improving the climate for economic growth. The authors warn, however, that the success of inflation targeting depends on operational details, such as how the targets are defined and when they are announced. They also show that inflation targeting is not a panacea that can make inflation perfectly predictable or reduce it without economic costs.


Clear, balanced, and authoritative, Inflation Targeting is a groundbreaking study that will have a major impact on the debate over the right monetary strategy for the coming decades. As a unique comparative study of what central banks actually do in different countries around the world, this book will also be invaluable to anyone interested in how economic policy is made.

Le informazioni nella sezione "Riassunto" possono far riferimento a edizioni diverse di questo titolo.

From the Inside Flap:

"The most accessible study of this important new monetary regime--accessible to a wide range of readers well beyond the ranks of professional economists. [Inflation Targeting] should, and is intended to, appeal to historians, political scientists, international-relations students, politicians, central bankers, journalists, as well as to economists and to undergraduates at any level of sophistication."--C.A.E. Goodhart, London School of Economics and external member of the United Kingdom's Monetary Policy Committee

About the Author:

Ben S. Bernanke is Howard Harrison and Gabrielle Snyder Beck Professor of Economics and Public Affairs at Princeton University. Thomas Laubach is an economist at the Federal Reserve Bank of Kansas City. Frederic S. Mishkin is A. Barton Hepburn Professor of Economics at the Graduate School of Business, Columbia University, and former Director of Research at the Federal Reserve Bank of New York. Adam S. Posen is Research Associate at the Institute for International Economics.

Le informazioni nella sezione "Su questo libro" possono far riferimento a edizioni diverse di questo titolo.

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ISBN 10: 0691086893 ISBN 13: 9780691086897
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Descrizione libro Paperback. Condizione libro: New. Softcover Book, New Condition, Fast Shipping. Ready in Stock. 1st Edition. [Please Read Carefully Before Buying], This Is An International Edition. Printed In Black and White. , Book Cover And ISBN No May Be Different From US Edition. Restricted Sales Disclaimer Wordings Not For Sales In USA And Canada May Be Printed On The Cover Of The Book. Standard Shipping 7-14 Business Days. Expedited Shiping 4-8 Business Days. ***WE DO NOT ENTERTAIN BULK ORDERS.*** The Books May Be Ship From Overseas For Inventory Purpose. Codice libro della libreria 332859

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Ben S. Bernanke, Thomas Laubach, Frederic S. Mishkin, Adam S. Posen
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Descrizione libro Princeton University Press, 2001. Paperback. Condizione libro: New. book. Codice libro della libreria 0691086893

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Descrizione libro Princeton University Press, United States, 2001. Paperback. Condizione libro: New. Revised ed.. Language: English . Brand New Book. How should governments and central banks use monetary policy to create a healthy economy? Traditionally, policymakers have used such strategies as controlling the growth of the money supply or pegging the exchange rate to a stable currency. In recent years a promising new approach has emerged: publicly announcing and pursuing specific targets for the rate of inflation. This book is the first in-depth study of inflation targeting. Combining penetrating theoretical analysis with detailed empirical studies of countries where inflation targeting has been adopted, the authors show that the strategy has clear advantages over traditional policies. They argue that the U.S. Federal Reserve and the European Central Bank should adopt this strategy, and they make specific proposals for doing so. The book begins by explaining the unique features and advantages of inflation targeting. The authors argue that the simplicity and openness of inflation targeting make it far easier for the public to understand the intent and effects of monetary policy.This strategy also increases policymakers accountability for inflation performance and can accommodate flexible, even discretionary, monetary policy actions without sacrificing central banks credibility. The authors examine how well variants of this approach have worked in nine countries: Germany and Switzerland (which employ a money-focused form of inflation targeting), New Zealand, Canada, the United Kingdom, Sweden, Israel, Spain, and Australia. They show that these countries have typically seen lower inflation, lower inflation expectations, and lower nominal interest rates, and have found that one-time shocks to the price level have less of a pass-through effect on inflation. These effects, in turn, are improving the climate for economic growth. The authors warn, however, that the success of inflation targeting depends on operational details, such as how the targets are defined and when they are announced. They also show that inflation targeting is not a panacea that can make inflation perfectly predictable or reduce it without economic costs.Clear, balanced, and authoritative, Inflation Targeting is a groundbreaking study that will have a major impact on the debate over the right monetary strategy for the coming decades. As a unique comparative study of what central banks actually do in different countries around the world, this book will also be invaluable to anyone interested in how economic policy is made. Codice libro della libreria AAU9780691086897

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Ben S. Bernanke, Thomas Laubach, Frederic S. Mishkin
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Descrizione libro Princeton University Press, United States, 2001. Paperback. Condizione libro: New. Revised ed.. Language: English . Brand New Book. How should governments and central banks use monetary policy to create a healthy economy? Traditionally, policymakers have used such strategies as controlling the growth of the money supply or pegging the exchange rate to a stable currency. In recent years a promising new approach has emerged: publicly announcing and pursuing specific targets for the rate of inflation. This book is the first in-depth study of inflation targeting. Combining penetrating theoretical analysis with detailed empirical studies of countries where inflation targeting has been adopted, the authors show that the strategy has clear advantages over traditional policies. They argue that the U.S. Federal Reserve and the European Central Bank should adopt this strategy, and they make specific proposals for doing so. The book begins by explaining the unique features and advantages of inflation targeting. The authors argue that the simplicity and openness of inflation targeting make it far easier for the public to understand the intent and effects of monetary policy.This strategy also increases policymakers accountability for inflation performance and can accommodate flexible, even discretionary, monetary policy actions without sacrificing central banks credibility. The authors examine how well variants of this approach have worked in nine countries: Germany and Switzerland (which employ a money-focused form of inflation targeting), New Zealand, Canada, the United Kingdom, Sweden, Israel, Spain, and Australia. They show that these countries have typically seen lower inflation, lower inflation expectations, and lower nominal interest rates, and have found that one-time shocks to the price level have less of a pass-through effect on inflation. These effects, in turn, are improving the climate for economic growth. The authors warn, however, that the success of inflation targeting depends on operational details, such as how the targets are defined and when they are announced. They also show that inflation targeting is not a panacea that can make inflation perfectly predictable or reduce it without economic costs.Clear, balanced, and authoritative, Inflation Targeting is a groundbreaking study that will have a major impact on the debate over the right monetary strategy for the coming decades. As a unique comparative study of what central banks actually do in different countries around the world, this book will also be invaluable to anyone interested in how economic policy is made. Codice libro della libreria AAU9780691086897

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Bernanke, Ben S.; Laubach, Thomas; Mishkin, Frederic S.; Posen, Adam S.
Editore: Princeton University Press (2001)
ISBN 10: 0691086893 ISBN 13: 9780691086897
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Descrizione libro Princeton University Press, 2001. Condizione libro: New. Features 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. Num Pages: 392 pages, 25 line illus., 70 tables. BIC Classification: KCA; KCBM; KFFD. Category: (P) Professional & Vocational; (U) Tertiary Education (US: College). Dimension: 235 x 166 x 27. Weight in Grams: 560. . 2001. Paperback. . . . . . Codice libro della libreria V9780691086897

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Ben S. Bernanke, Thomas Laubach, Frederic S. Mishkin, Adam S. Posen
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Descrizione libro Princeton University Press. Paperback. Condizione libro: new. BRAND NEW, Inflation Targeting: Lessons from the International Experience, Ben S. Bernanke, Thomas Laubach, Frederic S. Mishkin, Adam S. Posen, How should governments and central banks use monetary policy to create a healthy economy? Traditionally, policymakers have used such strategies as controlling the growth of the money supply or pegging the exchange rate to a stable currency. In recent years a promising new approach has emerged: publicly announcing and pursuing specific targets for the rate of inflation. This book is the first in-depth study of inflation targeting. Combining penetrating theoretical analysis with detailed empirical studies of countries where inflation targeting has been adopted, the authors show that the strategy has clear advantages over traditional policies. They argue that the U.S. Federal Reserve and the European Central Bank should adopt this strategy, and they make specific proposals for doing so. The book begins by explaining the unique features and advantages of inflation targeting. The authors argue that the simplicity and openness of inflation targeting make it far easier for the public to understand the intent and effects of monetary policy. This strategy also increases policymakers' accountability for inflation performance and can accommodate flexible, even "discretionary," monetary policy actions without sacrificing central banks' credibility. The authors examine how well variants of this approach have worked in nine countries: Germany and Switzerland (which employ a money-focused form of inflation targeting), New Zealand, Canada, the United Kingdom, Sweden, Israel, Spain, and Australia. They show that these countries have typically seen lower inflation, lower inflation expectations, and lower nominal interest rates, and have found that one-time shocks to the price level have less of a "pass-through" effect on inflation. These effects, in turn, are improving the climate for economic growth. The authors warn, however, that the success of inflation targeting depends on operational details, such as how the targets are defined and when they are announced. They also show that inflation targeting is not a panacea that can make inflation perfectly predictable or reduce it without economic costs. Clear, balanced, and authoritative, Inflation Targeting is a groundbreaking study that will have a major impact on the debate over the right monetary strategy for the coming decades. As a unique comparative study of what central banks actually do in different countries around the world, this book will also be invaluable to anyone interested in how economic policy is made. Codice libro della libreria B9780691086897

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Ben S. Bernanke, Thomas Laubach, Frederic S. Mishkin, Adam S. Posen
Editore: Princeton University Press 2001-02-26, S.l. (2001)
ISBN 10: 0691086893 ISBN 13: 9780691086897
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Descrizione libro Princeton University Press 2001-02-26, S.l., 2001. paperback. Condizione libro: New. Codice libro della libreria 9780691086897

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