Twenty Years of Inflation Targeting: Lessons Learned and Future Prospects

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David Cobham, Øyvind Eitrheim, Stefan Gerlach, Jan F. Qvigstad
Cambridge University Press, 16. sep. 2010 - 468 sider
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There is now a remarkably strong consensus among academics and professional economists that central banks should adopt explicit inflation targets and that all key monetary policy decisions, especially those concerning interest rates, should be made with a view to ensuring that these targets are achieved. This book provides a comprehensive review of the experience of inflation targeting since its introduction in New Zealand in 1989 and looks in detail at what we can learn from the past twenty years and what challenges we may face in the future. Written by a distinguished team of academics and professional economists from central banks around the world, the book covers a wide range of issues including many that have arisen as a result of the recent financial crisis. It should be read by anyone concerned with better understanding inflation targeting and its past, present and future role within monetary policy.
 

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Innhold

a Norwegian perspective
7
achievements
25
where when why
57
How did we get to inflation targeting and where
90
why are some
111
lessons from
144
The optimal monetary policy instrument inflation
192
Expectations deflation traps and macroeconomic policy
232
Actual inflation and household expected inflation from
292
Inflation targeting and private sector forecasts
306
Gauging the effectiveness of quantitative forward
368
Macromodelling with many models
398
Have crisis monetary policy initiatives jeopardised
419
The financial crisis as an opportunity to strengthen
428
Leaning against the wind is fine but will often
434
Inflation targeting capital requirements and leaning
440

Heterogeneous expectations learning and European
261

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Vanlige uttrykk og setninger

Om forfatteren (2010)

David Cobham is Professor of Economics at Heriot-Watt University.

Øyvind Eitrheim is Director of the Research Department at Norges Bank.

Stefan Gerlach is Professor of Monetary Economics at the Institute for Monetary and Financial Stability, University of Frankfurt.

Jan F. Qvigstad is Deputy Governor of Norges Bank.

Bibliografisk informasjon