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High-Level Seminar: Implementing Inflation Targets High-Level Seminar:
Implementing Inflation Targets

Sponsored by the IMF Institute
IMF Headquarters, Washington, D.C.
Multipurpose Room, B-702
 
March 20–21, 2000
Participation by invitation only

Following the widespread high-inflation years of the late 1970s and early 1980s, the world entered a period of relative price stability. This general trend toward lower inflation is partly a consequence of the adoption of inflation targets by a number of central banks, first in industrial countries and more recently in developing countries. This conference addresses some of the issues arising from the change in monetary policy objectives. It examines the type of reforms countries need before establishing an inflation targeting framework; the appropriate monetary policy under monetary and inflation targeting; the specific experiences of Canada, Israel, New Zealand, and the United Kingdom with inflation targeting; and the experiences of Mexico and Brazil in their current transition to an inflation-targeting framework.

The agenda for the conference appears below, along with links to the papers delivered at the conference and relevant background documents.Conference papers and brief biographical information on each participant will be posted as they become available. Please note that the conference papers are in draft and unedited.

Also available on the website is a book entitled Inflation Targeting in Practice: Strategic and Operational Issues and Application to Emerging Market Economies, edited by Mario I. Blejer, Alain Ize, Alfredo Leone, and Sérgio Werlang.

Agenda

Monday, March 20


9:00 a.m.-9:15 a.m. Welcoming Remarks--Mohsin S. Khan (IMF)
9:15 a.m.-9:45 a.m. Opening Remarks--Stanley Fischer (IMF)
10:00 a.m.-11:15 a.m. Chair: Michael Mussa
Monetary Rules (180 k pdf file)
Background Paper: Theoretical Analysis Regarding a Zero Lower Bound on Nominal Interest Rates (180 k pdf file)
Speaker: Bennett McCallum
   (Carnegie-Mellon University)
Discussant: Vincent Reinhart
   (Federal Reserve Board)
11:15 a.m.-12:30 p.m. Monetary Policy Under Inflation Targeting
Speaker: Lars Svensson
   (Stockholm University)
Discussant: Timothy Lane (IMF)
2:00 p.m.-3:00 p.m. Chair: Tomás Baliño (IMF)
Inflation Targeting in Canada
Speaker: Charles Freedman
   (Bank of Canada)
3:00 p.m.-4:00 p.m. Inflation Targeting in New Zealand
Speaker: David Archer
   (Reserve Bank of New Zealand)
4:15 p.m. - 5:15 p.m. Chair: Mohsin Khan (IMF)
Inflation Targeting in the United Kingdom
(71 k pdf file)
Background Paper: Targeting Inflation: The UK in Retrospect (46 k pdf file)
Speaker: Andrew Haldane
   (Bank of England)
 
Tuesday, March 21
9:00 a.m.-10:00 a.m. Chair: Peter Montiel (IMF)
Inflation Targeting in Israel (422 k pdf file)
Background Paper: Inflation Targeting Under a Crawling Band Exchange Rate Regime: Lessons from Israel
Speaker: Leonardo Leiderman
   (Bank of Israel and Tel Aviv University)
10:15 a.m.-11:15 a.m. Chair: Claudio Loser (IMF)
Inflation Targeting in Mexico
Background Paper: Mexico's Monetary Policy Framework Under a Floating Exchange Rate Regime (422 k pdf file)
Speakers: Agustin Carstens (IMF)
Alejandro Werner (Bank of Mexico)
11:15 a.m.-12:15 p.m. Inflation Targeting in Brazil (433 k pdf file)
Background Paper: Issues in the Adoption of an Inflation Targeting Framework in Brazil
Speaker: Sérgio Werlang
   (Central Bank of Brazil)
12:15 p.m.-12:45 p.m. Chair: Mohsin Khan (IMF)
Conclusions on Inflation Targeting
Speaker: Leonardo Leiderman
   (Bank of Israel and Tel Aviv University)
12:45 p.m.-1:00 p.m. Closing Remarks
Presentation by Eduardo Aninat (IMF)