Inflation targeting
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…
The Inflation Targeting Framework in Norway
RESEARCH - This IMF working paper assesses the institutional and technical design of Norway's inflation targeting framework which was adopted in early 2001, as well as its potential implications for the practical implementation of monetary policy against…
The Inflation Targeting Framework in Norway
RESEARCH - IMF Working Paper, November 2002 by Jarkko Soikkeli. This paper assesses the institutional and technical design of Norway's inflation targeting framework, as well as its potential implications for the practical implementation of monetary…
Former Canada c bank chief reveals row in new book
CANADA - Former Bank of Canada governor John Crow reveals in a new book 'Making Money' that a political row with the finance minister over inflation targeting prevented him from taking up a second term as head of the central bank.
Central Bank of Brazil Working Paper
RESEARCH - The paper 'Inflation Targeting in Brazil: Lessons and Challenges' by Andre Minella, Paulo Springer de Freitas, Ilan Goldfajn and Marcelo Kfoury Muinhos assesses the first three years of the inflation-targeting regime in Brazil adopted in July…
Manuel calls for SARB inflation target review
SOUTH AFRICA - Finance Minister Trevor Manuel has suggested politicians and other interested parties hold a discussion on inflation targeting once Statistics South Africa has completed its study on the country's target measure, CPIX.
Inflation target regime debated in South Africa
SOUTH AFRICA - Economists briefing Parliament's finance committee endorsed the country's inflation targeting regime on Friday, but offered conflicting advice on how to improve it.
Establishing the credibility of inflation targets
Jannie Rossouw argues that inflation targetting alone is insufficient. Belief in the credibility of the inflation measure itself is essential for a successful policy.
Interview: Milton Friedman
Milton Friedman assesses the monetarist legacy and the recent performance of central banks. In conversation with Robert Pringle, the Nobel laureate offers his advice for those thinking of joining the euro, or trying to deal with deflation.
IMF Survey, July 2002
REPORT - In the latest issue of its survey the International Monetary Fund announce the advisory panel appointed for Argentina, discuss the outlook for the euro-area economy and report on a Working Paper, Making the transition to inflation targeting.
SA experts - Inflation targeting needs propagation
SOUTH AFRICA - While the Reserve Bank's inflation targeting is an appropriate and essential programme, it still is in need of more public knowledge and communication among the majority of South Africans, a gathering of professionals decided on Friday.
Speech by Eva Srejber of Sveriges Riksbank, 9 July
SPEECH - In the speech titled 'Inflation targeting and bubbles' Srejber said "there are many indications that the real economy effects of the severe stock market fall will be limited". But cautioned that, "it is not possible to write off the risk of…
SA Reserve Bank to learn about inflation targeting
SOUTH AFRICA - Experts from the South African Reserve Bank (SARB) are to learn more about inflation targeting from their Canadian counterparts, in terms of an agreement signed in Pretoria on Wednesday.
Speech by Svein Gjedrem, Norges Bank, 10 June
SPEECH - Svein Gjedrem, governor of the Norges Bank gave a speech titled 'One year of inflation targeting' at the Norwegian School of Management's Centre for Monetary Economics on 10 June. He discusses Norway's experience of inflation targeting and…
Congress pushes for inflation targeting at the Fed
USA - A key member of Congress is attempting to pressure the Federal Reserve into adopting an inflation targeting regime. Although there is some support for this at the Fed, Chairman Alan Greenspan is vehemently opposed to the idea.
Inflation Targeting and the Inflation Process
RESEARCH - Reserve Bank of Australia Research Discussion Paper - Inflation Targeting and the Inflation Process: Some Lessons from an Open Economy by Guy Debelle and Jenny Wilkinson, Published in January 2002.
Asset Prices and Inflation Targeting
RESEARCH - Asset Prices on a Flexible Inflation Targeting Framework by Stephen G Cecchetti, Hans Genberg and Sushil Wadhwani, April 2002. Prepared for the conference on "Asset Price Bubbles: Implications for Monetary, Regulatory, and International…
Speech by David Dodge, Governor of Bank of Canada
SPEECH - In the speech titled 'Inflation Targeting During a Difficult Year' Dodge reiterated his view that the Canadian economy will grow between 1% and 2% in the year's first half and then accelerate. "As I have already noted, it is becoming clearer…
Peru's central bank moves to inflation targeting
PERU - Peru's central bank has made inflation targeting its main tool for signalling the direction of monetary policy, Central Reserve Bank of Peru President Richard Webb said Tuesday.