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The Inflation-Targeting Debate
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The Inflation-Targeting Debate

Ben S. Bernanke and Michael Woodford

Abstract

Over the past fifteen years, a significant number of industrialized and middle-income countries have adopted inflation targeting as a framework for monetary policymaking. As the name suggests, in such inflation-targeting regimes, the central bank is responsible for achieving a publicly announced target for the inflation rate. While the objective of controlling inflation enjoys wide support among both academic experts and policymakers, and while the countries that have followed this model have generally experienced good macroeconomic outcomes, many important questions about inflation targeting ... More

Keywords: industrialized countries, middle-income countries, inflation targeting, monetary policymaking, central bank, inflation rate, controlling inflation, macroeconomic outcomes, developed countries, emerging economies

Bibliographic Information

Print publication date: 2005 Print ISBN-13: 9780226044712
Published to Chicago Scholarship Online: February 2013 DOI:10.7208/chicago/9780226044736.001.0001

Authors

Affiliations are at time of print publication.

Ben S. Bernanke, editor

Michael Woodford, editor

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