Inflation Targeting

Svensson, Lars E. O.

doi:10.3386/w16654

Cited by 61 publications

(19 citation statements)

References 95 publications

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“… See Mishkin and Schmidt-Hebbel (2001) andSvensson (2007) for views regarding the success of inflation-targeting. 2 See the background document to the 2006 renewal (Bank of Canada 2006).…”

mentioning

confidence: 99%

Inflation, nominal portfolios, and wealth redistribution in Canada

Meh

Terajima

2011

Canadian J of Economics

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There is currently a policy debate on potential refinements to monetary policy regimes in countries with low and stable inflation such as the U.S. and Canada. For example, in Canada, a systematic review of the current inflation targeting framework is underway. An issue that has generally received relatively less attention in this debate is the redistributional effects of inflation.This omission is likely to be important since the welfare costs of inflation depend not only on aggregate effects but also on redistributional consequences. The goal of this paper is to contribute to this policy debate by assessing the redistributional effects of inflation in Canada that arise through the revaluation of nominal assets and liabilities. We find that the redistributional effects of inflation are sizeable even for low and moderate inflation episodes. The main winners are young middle-class households with substantial amounts of mortgage debt. Besides young households, inflation also represents a windfall gain for the government because of its long-term debt. Old households, rich households, and the middle-aged middle-class lose from inflation, largely due to their sizeable holdings of bonds and non-indexed defined benefit pension assets.

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“… See Mishkin and Schmidt-Hebbel (2001) andSvensson (2007) for views regarding the success of inflation-targeting. 2 See the background document to the 2006 renewal (Bank of Canada 2006).…”

mentioning

confidence: 99%

Inflation, nominal portfolios, and wealth redistribution in Canada

Meh

Terajima

2011

Canadian J of Economics

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“…Bu strateji, ilk defa resmi olarak 1990 yılında Yeni Zelanda tarafından açık bir şekilde ilan edilerek uygulanmaya başlanmıştır (Gosselin, 2007). Daha sonra onu Kanada ve İngiltere takip etmiştir (Svensson, 2007). İlk etapta gelişmiş piyasa ekonomilerinde uygulanmasına rağmen zaman içerisinde gelişmekte olan ülkelerde de artan sayıyla yaygınlaştığı görülmektedir (Carrasco, 2011).…”

Section: Enflasyon Hedeflemesi̇ Strateji̇si̇ni̇n Kavramsal çErçevesi̇unclassified

Türkiye’de Enflasyon Hedeflemesi Stratejisi Uygulama Sürecinin Analizi: 2002-2016 Yılları Örneklemi

Öztürk¹,

Usanmaz²

2018

Ömer Halisdemir Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi

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One of the essential elements for increasing economic prosperity is sustainable growth. This can be achieved by ensuring economic stability and thus price stability. Countries have tried to combat the problem of inflation in the historical process and have developed different strategies on a continuous basis. Inflation targeting is a strategy that has become popular after the 1990s. His strategy officially began to be implemented by New Zealand in 1990 for the first time. Turkey has about 30 -40 year period at a consistently high and was forced to combat chronic inflation problem and apply this purpose, many stabilization program. As the Inflation Targeting Strategy both developed and developing countries have positive effects on CBRT, the bank announced in early 2002 that its ultimate goal in monetary policy was to move towards inflation targeting. Turkey has been implementing this strategy since 2002. In this study, the conceptual and theoretical framework of inflation targeting is explained than the application process in Turkey were examined by multiple regression analysis.

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“…Advocates of inflation targeting argue that the key elements of the policy can be rescued in spite of substantial changes in the actions the large central banks have taken in response to the Great Recession. In their view, quantitative easing, forward guidance and maybe even nominal GDP targeting are different ways of implementing an inflation targeting policy (Svensson, 2010). Many a central banker argues it would be sufficient to: (i) add financial instability as a concern for central bankers, and (ii) broaden the scope of inflation targeting to be flexible in response to output, to save the main elements of an inflation targeting regime (CEPR, 2013).…”

Section: Inflation Targetingmentioning

confidence: 99%

“…A rulesbased policy, like inflation targeting that can credibly commit to some nominal anchor and maintain such a policy over time is seen as key to macroeconomic stability. The success of such a policy is proven by curbing economic volatility, and bringing down inflation to low and stable levels (Svensson, 2010).…”

Section: Introductionmentioning

confidence: 99%

Timing and duration of inflation targeting regimes

Claeys¹

2015

Ensayos sobre Política Económica

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Central banks in G7 countries shifted to unconventional policy measures in the aftermath of the Financial Crisis, when faced with economic slack, financial instability and fiscal trouble. This shift ended a spell of rules-based time consistent monetary policy that started in the mid-1980s. I argue that substantial economic, political and financial risks put pressures on the continued support for a monetary regime. Central banks may be forced to adopt policies with no option to reset those options later on. I demonstrate with duration models-on a sample of industrialized and emerging economies from 1970 to 2012-that the policy switch to inflation targeting happened after episodes with high inflation and public debt, reflecting broad support for stability-oriented monetary (and fiscal) policy. More generally, changes in monetary regimes occur after a crisis. High inflation makes central banks pursue active monetary policies, while they forsake those same policies in the wake of fiscal or financial crises.

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Inflation Targeting

Cited by 61 publications

References 95 publications

Inflation, nominal portfolios, and wealth redistribution in Canada

Inflation, nominal portfolios, and wealth redistribution in Canada

Türkiye’de Enflasyon Hedeflemesi Stratejisi Uygulama Sürecinin Analizi: 2002-2016 Yılları Örneklemi

Timing and duration of inflation targeting regimes

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