insignificant. This is suggestive that inflation targeting central banks have
16
ECB
Working Paper Series No. 383
August 2004 … inflation targeting, by revealing a long-run trend rate
of inflation, would have its greatest chance of success at anchoring …WORKING PAPER SERIES
NO. 383 / AUGUST 2004
EXPLICIT INFLATION
OBJECTIVES AND
MACROECONOMIC
OUTCOMES
by Andrew T …