Economia
How Flexible Can Inflation Targeting Be and Still Work?
Kenneth N. Kuttner and Adam S. Posen
Abstract
This paper takes up the issue of the flexibility of inflation targeting regimes, with the specific goal of determining whether the monetary policy of the Bank of England, which has a formal inflation target, has been any less flexible than that of the Federal Reserve, which does not have such a target. The empirical analysis uses the speed of inflation forecast convergence, estimated from professional forecasters’ predictions at successive forecast horizons, to gauge the perceived flexibility of the central bank’s response to macroeconomic shocks. Based on this criterion, there is no evidence to suggest that the Bank of England’s inflation target has compelled it to be more aggressive in pursuit of low inflation than the Federal Reserve.
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Economia
Política monetária de metas de inflação
How Flexible Can Inflation Targeting Be and Still Work?
Kenneth N. Kuttner and Adam S. Posen
Abstract
This paper takes up the issue of the flexibility of inflation targeting regimes, with the specific goal of determining whether the monetary policy of the Bank of England, which has a formal inflation target, has been any less flexible than that of the Federal Reserve, which does not have such a target. The empirical analysis uses the speed of inflation forecast convergence, estimated from professional forecasters’ predictions at successive forecast horizons, to gauge the perceived flexibility of the central bank’s response to macroeconomic shocks. Based on this criterion, there is no evidence to suggest that the Bank of England’s inflation target has compelled it to be more aggressive in pursuit of low inflation than the Federal Reserve.
Mais
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- A Cry For Help
Mandei este texto para os clientes. Por sugestão de um amigo publico no blog. I usually would never write about the same issue twice in the same day, but the developments that took place after the announcement of the 2009 inflation target proved to be...
- Meta De Inflação Do Brasil
Brazil: the myth of the inflation target Samantha Pearson Officially, the Brazilian central bank’s annual inflation target has been 4.5 per cent ever since 2005. However, in reality, inflation data show Brazil has actually been working with a target...
- O Pib Nominal Como Meta Da Política Monetária
The Fallacy of Nominal GDP Targeting By Detlev S Schlichter "... Münchau is an advocate of nominal GDP targeting, the new fad in monetary central planning. There is allegedly nothing wrong with monetary policy. The central bankers...
- Metas Da Inflação
Inflation Targeting Hits the WallMises Daily:Wednesday, February 01, 2012 by Antony P. MuellerThe financial-market crisis is not over but has grown into a vicious sovereign-debt crisis. Nevertheless, monetary policy makers of the major economies go on...
- Regras Da Política Monetária
Instrument rules, target rules, NGDP, complexity and learningAt one extreme you have pure discretion. The central bank does whatever it thinks is best. At the other extreme you have an instrument rule. The rule specifies exactly how the central bank...