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Implementing Inflation Targeting: Institutional Arrangements, Target Design, and Communications

Author/Editor: Heenan, Geoffrey | Peter, Marcel | Roger, Scott
Authorized for Distribution: December 1, 2006
Electronic Access: Free Full Text (PDF file size is 617KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.

Summary: Transparency is a central element in most aspects of the design and operation of inflation targeting regimes. This paper focuses on three elements of inflation targeting most closely associated with transparency: (i) the institutional arrangements supporting inflation targeting; (ii) the specification of the inflation target; and (iii) the central bank's policy communications. The paper is primarily aimed at providing practical advice to countries planning to develop an inflation targeting framework, but many of the issues are relevant for any credible, independent monetary policy.
 
Series: Working Paper No. 06/278
Subject(s): Inflation targeting | Monetary policy | Transparency | Central banks
Author's keyword(s): Monetary policy | inflation targeting
 
English  
    Published:   December 1, 2006        
    ISBN/ISSN:   1934-7073   Format:   Paper
    Stock No:   WPIEA2006278   Pages:   57
    Price:   US$18.00
       
     
Please address any questions about this title to publications@imf.org.