renewal of the inflation targeting framework. While a comprehensive overview would be impossible to provide, it seeks to … the inflation targeting framework, its key elements and the principles of how it operates in practice. The paper then … explains criticisms of the inflation targeting framework in light of the financial crisis and the practical, strategic and …

We extend the Svensson (1997a) inflation forecast targeting framework with a convex Phillips curve. We derive an …

This paper proposes new measures of the effectiveness of inflation targeting (IT) and evaluates its main drivers in a … methods, we find that IT has heterogeneous effects on inflation across countries. The gains shifting the level of inflation … out of three economies approximately. Second, statistically significant differences in keeping inflation close to target …

This work describes the main characteristics of an inflation targeting regime and derives the optimal solution for …

In a standard New Keynesian model, a myopic central bank concerned with stabilizing inflation and changes in the output … stabilizing output gap changes, the central bank imparts inertia into output and inflation that is absent under pure discretion … social outcomes if it focuses on inflation and changes in the output gap than are achieved under inflation targeting …

For over a decade of practicing inflation targeting (IT) strategy, inflation has remained high and persistent while … management in Ghana by reducing average inflation rate, boosting average growth rate and dampening the cyclical oscillations in … both output and inflation. We however find a slower pace of disinflation in Ghana, underpinning the high inflation inertia …

Inflation targeting is a monetary-policy strategy characterized by an announced numerical inflation target, an … implementation of monetary policy that gives a major role to an inflation forecast that has been called forecast targeting, and a … of stabilizing both inflation and the real economy, and as of 2010 has been adopted by about 25 industrialized and …

performs better than an explicit inflation target as proposed by Svensson. The reason is that an inflation target produces a … higher variance of inflation. It is also shown that it is optimal to offer a linear inflation contract that does not depend …

. Specifically, we estimate a series of simple models to measure the impact of inflation targeting on the dispersion of private … sector forecasts of inflation. Using a panel data set that includes 15 countries over 20 years we find no convincing evidence … that adopting an inflation targeting regime leads to a reduction in the dispersion of private sector forecasts of inflation …