Inflation targeting
Mboweni on Inflation targeting in South Africa
In a speech on 'Inflation targeting in South Africa' given on 2 September, Tito Mboweni of the South African Reserve Bank said whilst inflation targeting is certainly no panacea, the Reserve Bank still regards it as the most appropriate framework for…
Central Bank of Peru - Annual Report 2002
The Central Bank of Peru has published its Annual Report for the year ended 2002. Since 2002, the Central Bank's monetary policy has been conducted following a scheme of Explicit Inflation Targeting, the Annual Report says.
Mexico on track for 3% inflation in 2003 - c bank
The governor of Mexico's central bank, Guillermo Ortiz, is reported by Reuters to have said that the trend in inflation for the first two weeks of June suggests the country is going to be in the range of its targets for this year.
Inflation expectations crucial - SARB
The South African Reserve Bank suggested in its June quarterly bulletin that it expected inflation to hit its target later this year but it would largely depend on the extent to which price expectations conformed to trends, according to a report by…
Serdengecti on an overview of the Turkish economy
In a speech made in London Wednesday 18 June, Sureyya Serdengecti of the Central Bank of Turkey said formal inflation targeting will be adopted when conditions allow. Including a favourable internal environment, sustained fiscal discipline, reduction in…
Argentina c bank on track to target '04 inflation
The president of the central bank of Argentina has said the country should be ready to start inflation targeting in 2004, according to Reuters. Alfonso Prat Gay told a conference it would help Argentina to return to being a normal country.
Building inflation credibility
Jannie Rossouw, of the South African Reserve Bank, presents his method for determining the credibility of a central bank’s inflation targets.
No honeymoon for Fukui
The world is looking for fresh, decisive policies from the new central bank governor. What can he do? Tomohiko Taniguchi reports from Tokyo.
Bergo on inflation targeting with variable ex rate
In a speech on 'Inflation targeting with a fluctuating exchange rate' Jarle Bergo of Norges Bank said experience has shown that monetary authorities do not have the means to control the exchange rate. Monetary policy has nevertheless, Bergo added, been…
Report questions virtues of inflation targeting
A study published by the National Bureau of Economic Research suggests that adopting an inflation target has no effect on a country's economic performance, according to a report by Dow Jones.
CentralBankNet Monday Special Feature
SPECIAL FEATURE - In an exclusive interview with CentralBankNet.com, Professor Fatih Ozatay, the vice-governor of the Central Bank of the Republic of Turkey, explains how the war in Iraq is affecting the central bank, and what it is doing to mitigate…
Bernanke - Perspective on inflation targeting
In a speech on 'A Perspective on Inflation Targeting' Ben Bernanke of the Federal Reserve said adoption of an explicit inflation goal was in his view the best way for the Fed to achieve its goals of stable prices and maximum sustainable growth. He added,…
Kohn on inflation targeting in the US
In a speech on 'Comments on Marvin Goodfriend's "Inflation Targeting in the United States?"' Donald Kohn of the Federal Reserve said the Fed has not engaged in implicit inflation-targeting by saying it supports "long-run price stability". He also said…
Fed's Kohn: No need for Fed to target inflation
In apparent contrast to Ben Bernanke's comments Donald Kohn said in a speech released Monday March 24 and reported by Reuters that he was sceptical that for the United States the potential benefits of changing to a regime of inflation targeting would…
The Art of Targeting Inflation
RESEARCH - The Federal Reserve Bank of Cleveland's Central Bank Institute has published the paper "The Art of Inflation Targeting" by Lars Heikensten and Anders Vredin. The paper describes the Riksbank's transition to inflation targeting and explains how…
Minutes of Japan's Monetary Policy Meeting
MINUTES - Minutes of the Bank of Japan's Monetary Policy Meeting on 21 and 22 January 2003, released 19 February. One member pointed out that inflation targeting had never been adopted for the purpose of overcoming deflation by any central bank overseas,…
IMF Working Paper Series
RESEARCH - The Working Paper 'Inflation Targeting Regimes' classifies countries that define their monetary policy framework by an inflation target into full-fledged inflation targeters, eclectic inflation targeters and inflation targeting lite regimes…
Why price stability is not enough
The current fashion for inflation targetting ignores the perils of asset bubbles, and cannot react adequately to the fallout. A much longer view is needed, contends Stephen King.
Further problems of inflation targets
For inflation targets to work the public must have faith in official statistics. The trouble is they often don’t.
What role for inflation targeting?
ARTICLE - Former executive director of the Reserve Bank of India, A. Vasudevan, asks whether inflation targeting or multiple objective targeting should be of concern only to central banks. He argues that, generally speaking, monetary policy needs to be…
Philippines to revise inflation target downwards
The Philippines has set a 4 to 5 percent average inflation rate target for next year, slightly lower than this year's target of 4.5 to 5.5 percent.
Kenyan c bank plans shift to inflation targeting
The Central Bank of Kenya (CBK) is considering a gradual shift of its monetary policy-setting regime to target inflation. The inflation targeting move represents a radical shift in its current policy-setting regime.
Eisuke Sakakibara: Why inflation targets wont work
INTERVIEW - Those who advocate inflation targets have not presented any convincing scenarios of how inflation targeting would cause the prices of goods and services to increase. Setting an inflation target without laying out such a scenario would be…
World Bank backs Japan inflation targeting
James Wolfensohn, president of the World Bank, said on Thursday that it was sensible for Japan to use monetary policy to reverse deflation, amid debate among Japanese policymakers about the introduction of an inflation target. Outgoing BoJ governor…