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Inflation Targeting Pillars: Transparency and Accountability

Author/Editor: Freedman, Charles | Laxton, Douglas
Authorized for Distribution: December 1, 2009
Electronic Access: Free Full Text (PDF file size is 680KB)
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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: This is the fourth chapter of a forthcoming monograph entitled "On Implementing Full-Fledged Inflation- Targeting Regimes: Saying What You Do and Doing What You Say." It examines a number of issues related to transparency and accountability in an inflation-targeting regime. It first looks at the factors behind the move to increased transparency in recent years and the important role of a communications strategy in transparency. It then turns to the role of the forecast in communications, how risks surrounding the forecast are communicated, and whether there should be limits on what is made public. It concludes with a short discussion of accountability.
 
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Series: Working Paper No. 09/262
Subject(s): Central bank policy | Central banks | Inflation | Inflation targeting | Monetary policy | Transparency
Author's keyword(s): Inflation Targeting | Monetary Policy
 
English  
    Published:   December 1, 2009        
            Format:   Paper
    Stock No:   WPIEA2009262   Pages:   19
    Price:   US$18.00 (Academic Rate: US$18.00 )
       
     
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