Monetary Policy in East Asia (And Elsewhere): Does Targeting Inflation Require 'Inflation Targeting'?
This paper argues that inflation targeting should not be defined too narrowly. The principal objective of a sound monetary policy, namely to provide a credible nominal anchor for the economy, can be achieved with a variety of institutional structures and operational frameworks. It is essential, however, that the objectives of monetary policy be clearly stated and broadly accepted, and that other macroeconomic policies are consistent with the pursuit of price stability. Within these constraints there is room for a number of alternative monetary policy strategies. Countries are well advised to search for policy strategies that are most appropriate for their own economies rather than copying what has worked well in other contexts.
Year of publication: |
2002-01
|
---|---|
Authors: | Genberg, Hans |
Institutions: | Hong Kong Institute for Monetary Research (HKIMR), Government of Hong Kong |
Saved in:
freely available
Saved in favorites
Similar items by person
-
External Shocks, Transmission Mechanisms and Deflation in Asia
Genberg, Hans, (2005)
-
Foreign Versus Domestic Factors as Souces of Macroeconomic Fluctuations in Hong Kong
Genberg, Hans, (2003)
-
Revisiting the Shocking Aspects of Asian Monetary Unification
Genberg, Hans, (2009)
- More ...