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Twenty Years of Inflation Targeting
Lessons Learned and Future Prospects

$128.00

David Cobham, Øyvind Eitrheim, Stefan Gerlach, Jan F. Qvigstad, Athanasios Orphanides, Scott Roger, Klaus Schmidt-Hebbel, Daniel L. Thornton, Thórarinn G. Pétursson, Andrew Filardo, Hans Genberg, Christopher Allsopp, Charles Goodhart, Carolina Osorio, Dimitrios Tsomocos, George Evans, Seppo Honkapohja, Anke Weber, Stephen Cecchetti, Craig Hakkio, Christopher Crowe, Magnus Andersson, Boris Hofmann, Ida Wolden Bache, James Mitchell, Francesco Ravazzolo, Shaun P. Vahey, Spencer Dale, Lars Heikensten, Sushil Wadhwani
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  • Date Published: November 2010
  • availability: In stock
  • format: Hardback
  • isbn: 9780521768184

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About the Authors
  • There is now a remarkably strong consensus among academics and professional economists that central banks should adopt explicit inflation targets and that all key monetary policy decisions, especially those concerning interest rates, should be made with a view to ensuring that these targets are achieved. This book provides a comprehensive review of the experience of inflation targeting since its introduction in New Zealand in 1989 and looks in detail at what we can learn from the past twenty years and what challenges we may face in the future. Written by a distinguished team of academics and professional economists from central banks around the world, the book covers a wide range of issues including many that have arisen as a result of the recent financial crisis. It should be read by anyone concerned with better understanding inflation targeting and its past, present and future role within monetary policy.

    • First book to provide a thorough history and analysis of the first twenty years of inflation targeting, a key feature of contemporary monetary policy
    • Examines experience of inflation targeting across the world, including both developed and emerging economies
    • Gives a wide-ranging perspective with contributions from academics, professional economists and central bankers
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    Reviews & endorsements

    "After the financial crisis, central banks stand at a crossroads, and this book provides an invaluable guide. In it, a diverse set of academic and central bank contributors survey both the past achievements of inflation targeting as well as future challenges, including re-examining the role of asset prices in formulating monetary policy." - Glenn Rudebusch, Federal Reserve Bank of San Francisco

    "A valuable collection of thoughtful and up-to-date views on all aspects of inflation targeting from an impressive group of experts." - David Miles, The Monetary Policy Committee, The Bank of England

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    Product details

    • Date Published: November 2010
    • format: Hardback
    • isbn: 9780521768184
    • length: 468 pages
    • dimensions: 234 x 159 x 26 mm
    • weight: 0.88kg
    • contains: 67 b/w illus. 75 tables
    • availability: In stock
  • Table of Contents

    List of figures
    List of tables
    1. Introduction David Cobham, Øyvind Eitrheim, Stefan Gerlach and Jan Qvigstad
    2. Welcome remarks: a Norwegian perspective Jan F. Qvigstad
    3. Reflections on inflation targeting Athanasios Orphanides
    4. Inflation targeting at 20: achievements and challenges Scott Roger
    5. Inflation targeting twenty years on: where, when, why, with what effects, what lies ahead? Klaus Schmidt-Hebbel
    6. How did we get to inflation targeting and where do we need to go to now? A perspective from the US experience Daniel L. Thornton
    7. Inflation control around the world: why are some countries more successful than others? Thórarinn G. Pétursson
    8. Targeting inflation in Asia and the Pacific: lessons from the recent past Andrew Filardo and Hans Genberg
    9. Inflation targeting and asset prices Christopher Allsopp
    10. The optimal monetary policy instrument, inflation versus asset price targeting, and financial stability Charles Goodhart, Carolina Osorio and Dimitrios Tsomocos
    11. Expectations, deflation traps and macroeconomic policy George Evans and Seppo Honkapohja
    12. Heterogeneous expectations, learning and European inflation dynamics Anke Weber
    13. Inflation targeting and private sector forecasts Stephen Cecchetti and Craig Hakkio
    14. Inflation targeting, transparency and inflation forecasts: evidence from individual forecasters Christopher Crowe
    15. Gauging the effectiveness of quantitative forward guidance: evidence from three inflation targeters Magnus Andersson and Boris Hofmann
    16. Macro modelling with many models Ida Wolden Bache, James Mitchell, Francesco Ravazzolo and Shaun P. Vahey
    17. Have crisis monetary policy initiatives jeopardised central bank independence? Charles Goodhart
    18. Inflation targeting: learning the lessons from the financial crisis Spencer Dale
    19. The financial crisis as an opportunity to strengthen inflation targeting frameworks Hans Genberg
    20. Leaning against the wind is fine, but will often not be enough Lars Heikensten
    21. Inflation targeting, capital requirements and 'leaning against the wind': some comments Sushil Wadhwani
    Index.

  • Editors

    David Cobham, Heriot-Watt University, Edinburgh
    fm.author_biographical_note1

    Øyvind Eitrheim, Norges Bank
    fm.author_biographical_note2

    Stefan Gerlach, University of Frankfurt
    fm.author_biographical_note3

    Jan F. Qvigstad, Norges Bank
    fm.author_biographical_note4

    Contributors

    David Cobham, Øyvind Eitrheim, Stefan Gerlach, Jan F. Qvigstad, Athanasios Orphanides, Scott Roger, Klaus Schmidt-Hebbel, Daniel L. Thornton, Thórarinn G. Pétursson, Andrew Filardo, Hans Genberg, Christopher Allsopp, Charles Goodhart, Carolina Osorio, Dimitrios Tsomocos, George Evans, Seppo Honkapohja, Anke Weber, Stephen Cecchetti, Craig Hakkio, Christopher Crowe, Magnus Andersson, Boris Hofmann, Ida Wolden Bache, James Mitchell, Francesco Ravazzolo, Shaun P. Vahey, Spencer Dale, Lars Heikensten, Sushil Wadhwani

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