Inflation targeting
All eyes on the rand
Inflation is on target, but the exchange rate still dominates economic debate, writes Malan Rietveld.
Beware fads and fashions
The latest fashion in accounting standards will not deliver good central banking says John Nugée.
IMF's Rato on building better institutions
In the speech 'Building better institutions' given on 3 November Rodrigo de Rato of the IMF said central banks in emerging markets that used inflation targeting not only reduced inflation but experienced less volatility.
Canada's Macklem on the inflation target
In the speech 'The inflation target: More than just a target' given on 6 October Tiff Macklem of the Bank of Canada discusses the Bank of Canada's inflation-targeting system, which aims to keep inflation low, stable, and predictable in order to promote…
Experiences of inflation targeting
A new IMF paper examines the experiences of inflation targeting countries and presents a number of "stylised facts" and conclusions for policy makers.
Norway's Gjedrem on inflation targeting
In the speech 'Experiences with inflation targeting in Norway and other countries' given on 7 June, Svein Gjedrem of Norges Bank said in light of the experiences of different countries in the last 10-15 years, he is confident that flexible inflation…
Riksbank's workshop on inflation targeting
The Sveriges Riksbank held a workshop titled "Inflation targeting: implementation, communication and effectiveness" between 10-12 June. Papers presented at the workshop included "Central-bank communication and the publication of interest rate projections…
Sweden's Heikensten on inflation targeting
In opening remarks to the Conference on inflation targeting: implementation, communication and effectiveness given on 11 June, Lars Heikensten of the Sveriges Riksbank said the contributions to this conference have succeeded in capturing the most…
RBA paper warns on inflation targets
A research paper published by the Reserve Bank of Australia on Thursday 2 June has warned that central banks should not set their inflation targets too low.
Inflation targeting comes under fire
The theory of central bank inflation targeting has been ripped up by Harvard economist Benjamin Friedman. Speaking at the Reserve Bank of India he said inflation targeting hides other goals and impedes transparency.
Core inflation low, US economy good says Stern
Minneapolis Federal Reserve President Gary Stern provided an upbeat assessment of the US economy in a speech on Thursday 10 February, saying core inflation remains low and that the economy should grow at a 3.5 per cent to 4.0 per cent range.
The transition to inflation targeting in Romania
In the near future, Romania will introduce inflation targeting and fully liberalize its capital account. This recently published IMF Working Paper analyses how these two profound changes will affect the ability of monetary policy to pursue its objective…
NBU expected to introduce inflation targeting 2006
The National Bank of Ukraine is expecting to introduce inflation targeting in 2006, according to NBU Acting Governor Arseniy Yatseniuk, speaking to journalists.
Papers from the RBA's 2004 Conference
The Reserve Bank of Australia published papers from its 2004 Conference "The future of inflation targeting" on 15 November. The papers include "Can central bank transparency go too far?", "Inflation measurement for central bankers" and "Inflation…
Denmark's Thomsen at the 3rd ECB Conference
In a speech to the 3rd ECB Central Banking Conference given on 22 October Jens Thomsen of the Danmarks Nationalbank said theoretically, inflation targeting in ERM II presents an additional complication in that the impact of the national interest rate…
RBA Conference: The future of inflation targeting
The Reserve Bank of Australia has published the papers presented at its 2004 Conference "The future of inflation targeting" held 9-10 August. Papers include 'Can central bank transparency go too far?,' 'Inflation measurement for central bankers', and …
CNB's Frait on convergence criteria
A paper 'Convergence Criteria - How Tight a Constraint under Inflation Targeting?' was presented on 23 June by Jan Frait of the Czech National Bank. The paper focuses on how tight a constraint are the convergence criteria for the conduct of inflation…
RBNZ paper on inflation targeting central banks
This RBNZ paper tests the standard quadratic approximation to central bank preferences on data from Australia and New Zealand, two of the earliest explicit inflation targeting countries.
Norway's Gjedrem on inflation targeting
In a speech on 'Flexible inflation targeting' given on 29 March, Svein Gjedrem of Norges Bank said external cyclical developments and events have had considerable implications for developments in the Norwegian economy.
IMF Working Paper on inflation targeting
In the IMF Working Paper "Inflation Targeting and Exchange Rate Rules in an Open Economy" published on 24 February, the authors find that the exchange rate regime and measure of inflation targeted have crucial implications for the effect on output and…
Dallas's McTeer on inflation targets
Dallas Fed president Bob McTeer said on Thursday 19 February that inflation targets were a marketing tool not needed by the Fed, and opposed lobbying to float China's currency.
BoE's Lomax on Inflation Targeting
In a speech on 'Inflation Targeting - Achievement and Challenges' given on 18 February, Rachel Lomax of the Bank of England discussed the improvement in economic performance since the adoption of inflation targets and the challenges that policy makers…
Letter to Mervyn King from the UK Chancellor
Letter sent to the Governor of the Bank of England, Mervyn King, on the remit for the Monetary Policy Committee and the new inflation target, 10 December. There is also an annex on the new inflation target and the monetary policy framework.
RBA's Macfarlane on inflation targeting
In his Opening Statement to House of Representatives Standing Committee on Economics, Finance and Public Administration given on 8 December I.J. Macfarlane of the Reserve Bank of Australia said he wanted to assure the Committee that the bank remains…