Article2006

Monetary Policy Under Inflation Targeting: An Introduction

Frederic S. Mishkin · Klaus Schmidt‐Hebbel

36 citations0/0 files storedRePEc: Research Papers in Economics

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Monetary Policy and Economic Impact Global Financial Crisis and Policies Economic theories and models

Abstract

This brief review takes stock of the recent literature on monetary policy under inflation targeting and introduces new analytical and empirical research in this field. Six key areas of previous research are reviewed: the practice and optimality of inflation targeting regime features; optimal monetary policy; uncertainty, learning, and monetary policy; transparency, communication, and accountability; asset prices and monetary policy; and economic performance under inflation targeting and in comparison to non-targeting regimes. The review suggests a significant number of open issues that are addressed in 13 new contributions presented at the 2005 Annual Conference of the Central Bank of Chile, which are summarized here.

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References

1977Rules Rather than Discretion: The Inconsistency of Optimal Plans 2001Learning and Expectations in Macroeconomics 1997Inflation forecast targeting: Implementing and monitoring inflation targets 2001Should Central Banks Respond to Movements in Asset Prices?1967Uncertainty and the effectiveness of policy 2003The Zero Bound on Interest Rates and Optimal Monetary Policy 1988Robustness properties of a rule for monetary policy 2007Does Inflation Targeting Make a Difference?

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