implication for economic policy has been the implementation of inflation targeting (IT). This paper critically raises a number of …

countries have adopted the New Consensus Monetary Policy since the early 1990s in an attempt to reduce inflation to low levels … the central bank. The objective of these rules is to achieve specific, or a range of, inflation targets … framework -- 10. The experience of inflation targeting since 1993 -- 11. Reflections on the Bank of Canada's monetary policy …

This paper examines two issues. First, we compare, based on the ratio of output-gap variability to inflation … the introduction of an implicit inflation-targeting by the EMU member countries after the Maastricht Treaty changed the … trade-off between inflation variability and output-gap variability. We employ a stochastic volatility model for the whole …