Some Lessons from Six Years of Practical Inflation Targeting
نویسنده
چکیده
This paper discusses some of my lessons from six years of practical inflation targeting as a policy maker at the Riksbank (May 21, 2007-May 20, 2013). They are lessons mainly for Sweden, with its small very open economy and its special financial sector, since one thing I have learnt is that things are very different in different economies. The lessons may thus apply to varying degrees for other economies, depending how similar they are to Sweden in relevant aspects.
منابع مشابه
Targeting inflation in Asia and the Pacific: lessons from the recent past
Central banks in Asia and the Pacific have overwhelmingly chosen inflation as the principal objective of monetary policy. Some central banks have declared themselves to be inflation targeters, while others pursue their objective without referring to this particular label. Moreover, whether or not they refer to their strategy as inflation targeting, central banks in the region have chosen divers...
متن کاملPart III. German Monetary Targeting: A Precursor to Inflation Targeting
any features of the German monetary targeting regime are also key elements of inflation targeting in the other countries examined in this study. Indeed, as pointed out in Bernanke and Mishkin (1997), Germany might best be thought of as a “hybrid” inflation targeter, in that it has more in common with inflation targeting than with a rigid application of a monetary targeting rule. The German expe...
متن کاملEconomic Structure and Monetary Policy Design
In this paper, I consider the lessons recent academic research and historical experiences with monetary targeting and inflation targeting offer for the design of monetary policy regimes. The practical experiences with both monetary and inflation targeting suggest that successful policies have incorporated a great deal of flexibility. In principle, both monetary targeting and inflation targeting...
متن کاملAn Analysis of the Inflationary Effect of Subsidies Targeting Scheme of Iran: Flow-of-Funds Approach
At the beginning of 2011, the Islamic Republic of Iran underwent a Scheme called “Subsidies Targeting”. This scheme meant to replace subsidies on goods and services especially energy, which had kept prices low for decades, with a monthly refund to every resident as a compensation plan. Considering the magnitude of price change up to ten times and the important role of Energy carriers in product...
متن کاملReflections on Inflation Targeting
Starting with the Reserve Bank of New Zealand, over the past twenty years a large number of central banks have adopted inflation targeting as their framework for monetary policy. As the second decade of inflation targeting comes to a close, a retrospective assessing how well it has worked, what lessons have been learned and what challenges may lie ahead is most appropriate. During much of the p...
متن کامل