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Keywords:Inflation targeting 

Journal Article
Inflation targeting and revisions to inflation data: a case study with PCE inflation

Central banks around the world have come to recognize the importance of maintaining low and stable inflation. One widely employed tool for helping to do so is known as inflation targeting, whereby a central bank sets a numeric goal for inflation. Once this target is publicly stated, the bank can be held accountable for its actions in regard to meeting, or not meeting, this target. Countries that have adopted such a tool have generally had a favorable experience, and there is evidence that inflation targeting is correlated with increased stability in output growth, lower inflation, and more ...
Research Rap Special Report , Issue Jul

Speech
Hawks, doves, bubbles, and inflation targets

April 16, 2012. "Hawks, Doves, Bubbles, and Inflation Targets" Presented at the George S. Eccles Distinguished Lecture, Jon M. Huntsman School of Business, Utah State University.
Speech , Paper 198

Journal Article
The future of inflation

According to consumer price measures like the CPI, inflation has recently jumped up a notch. What those measures don?t tell us is whether the increase will persist. In this Commentary, we look at a measure that does. The measure incorporates data on past inflation rates, surveys of expected inflation, inflation swaps, and a variety of interest rates. It provides estimates of inflation, along with expected inflation and real interest rates. A look at the measure?s estimates suggests that the recent increases in inflation are likely to be temporary.
Economic Commentary , Issue Oct

Report
Modern macroeconomics in practice: how theory is shaping policy

Theoretical advances in macroeconomics made in the last three decades have had a major influence on macroeconomic policy analysis. Moreover, over the last several decades, the United States and other countries have undertaken a variety of policy changes that are precisely what macroeconomic theory of the last 30 years suggests. The three key developments that have shaped macroeconomic policy analysis are the Lucas critique of policy evaluation due to Robert Lucas, the time inconsistency critique of discretionary policy due to Finn Kydland and Edward Prescott, and the development of ...
Staff Report , Paper 376

Speech
Food or commodity price shocks and inflation: a central banker's perspective

A speech presented at "Food and Water - Basic Challenges to International Stability," 2009 Global Conference Series (Part 4), (Global Interdependence Center (GIC) in partnership with the University of Chicago Booth School of Business, Singapore, November 19, 2009
Speech , Paper 30

Speech
Bullard Discusses Monetary Policy and Inflation Outlook with Bloomberg

St. Louis Fed President James Bullard discussed the Federal Open Market Committee’s flexible average inflation targeting approach and why he thinks inflation may move higher in the near term. He spoke during an appearance on “Bloomberg Daybreak: Australia.”
Speech

Briefing
Inflation targeting: central bank practice overseas

This policy brief, which is based on an internal memo, summarizes the institutional and operational features observed in the 27 countries that have gained experience with inflation targeting (IT). It finds considerable convergence in many IT practices across countries over the past 10 to 15 years but much variation in policymakers? choices concerning such key issues as how they treat the borders of the target range. On the whole, most IT banks have chosen to practice inflation targeting in a more flexible and, thus, resilient fashion than many analysts once feared?seemingly without much loss ...
Public Policy Brief

Working Paper
Did the Federal Reserve Break the Phillips Curve? Theory and Evidence of Anchoring Inflation Expectations

In a macroeconomic model with drifting long-run inflation expectations, the anchoring of inflation expectations manifests in two testable predictions. First, expectations about inflation far in the future should no longer respond to news about current inflation. Second, better-anchored inflation expectations weaken the relationship between unemployment and inflation, flattening the reduced-form Phillips curve. We evaluate both predictions and find that communication of a numerical inflation objective better anchored inflation expectations in the United States but failed to anchor expectations ...
Research Working Paper , Paper RWP 20-11

Working Paper
On Targeting Frameworks and Optimal Monetary Policy

Speed limit policy, a monetary policy strategy that focuses on stabilizing inflation and the change in the output gap, consistently delivers better welfare outcomes than flexible inflation targeting or flexible price level targeting in empirical New Keynesian models when policymakers lack the ability to commit to future policies. Even if the policymaker can commit under an inflation targeting strategy, the discretionary speed limit policy performs better for most empirically plausible model parameterizations from a normative perspective.
Finance and Economics Discussion Series , Paper 2017-098

Journal Article
How did we get to inflation targeting and where do we need to go to now? a perspective from the U.S. experience

The Federal Reserve is not formally inflation targeting. Nevertheless, it is commonly believed to be an implicit inflation targeter. The evolution to inflation targeting occurred because central banks, most importantly the Federal Reserve, demonstrated that monetary policy could control inflation. As central banks? credibility for keeping inflation low increased, policy actions became increasingly focused on affecting the growth rate of employment or the unemployment rate. The author argues that this change in emphasis is unlikely to generate positive benefits; more importantly, it endangers ...
Review , Volume 94 , Issue Jan , Pages 65-81

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