Implementing Inflation Targeting in Brazil

Implementing Inflation Targeting in Brazil by Joel Bogdanski, Alexandre Tombini, and Sergio Ribeiro da Costa Werlang, Central Bank of Brazil

◊ We thank other members of the Central Bank's research team, in particular Fábio Araújo, Paulo Springer de Freitas, and Marcelo Kfoury Muinhos. Needless to say, the views expressed here and any errors are our own responsibility.

Implementing inflation targeting regimes : The case of Poland

This paper assesses the prospects for the new Polish monetary policy strategy of inflation targeting. Regarding the general requirements for implementing an inflation targeting strategy it appears that Poland has made sufficient progress in reducing fiscal dominance and hardening budget constraints. The paper also finds that the exchange rate has played a dominant role as a policy instrument, w...

Inflation Targets and Inflation Targeting

There is widespread agreement that price stability (in practice, low and stable inflation) should be an objective of monetary policy. This agreement is reflected both in the mandates set for monetary policy by governments and in the practice of central banks. Several other important questions about the objectives for monetary policy are less settled: Should there be other objectives? If there a...

Inflation Targeting

Inflation targeting is a monetary-policy strategy that was introduced in New Zealand in 1990, has been very successful in terms of stabilizing both inflation and the real economy, and as of 2007 had been adopted by more than 20 industrialized and non-industrialized countries. It is characterized by an announced numerical inflation target, an implementation of monetary policy that gives a major ...

Inflation Targeting