High-Level Seminar: Implementing Inflation Targets

IMF Seminars, January 1, 1901

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High-Level Seminar: Implementing Inflation Targets

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Bibliographic details

• Published: January 1, 1901

Overview

• Event: High-Level Seminar: Implementing Inflation Targets
• Sponsored by: the IMF Institute
• Venue: IMF Headquarters, Washington, D.C., Multipurpose Room, B-702
• Dates: March 20-21, 2000
• Participation: by invitation only
• Focus: issues arising from the change in monetary policy objectives toward inflation targeting following the high-inflation years of the late 1970s and early 1980s and the subsequent period of relative price stability

Objectives and Themes

• Examine the type of reforms countries need before establishing an inflation targeting framework
• Analyze appropriate monetary policy under monetary and inflation targeting
• Review specific country experiences with inflation targeting and transitions to inflation targeting

Countries and Experiences Covered

• Canada
• Israel
• New Zealand
• United Kingdom
• Mexico (current transition to an inflation-targeting framework)
• Brazil (current transition to an inflation-targeting framework)

Agenda (selected sessions and timings)

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

Materials and Publications

• Conference papers and brief biographical information on each participant were to be posted as they became available; papers noted as draft and unedited
• Book available on the topic: 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
• Note on file formats: Use the free Adobe Acrobat Reader to view PDF files; Tips for using PDF files included

Key Discussion Topics and Analytical Focus (as stated)

• Reforms required before adopting inflation targeting
• Design and operation of monetary policy under inflation-targeting frameworks
• Operational and strategic issues relevant to emerging market economies
• Specific institutional and policy experiences from Canada, Israel, New Zealand, the United Kingdom, Mexico, and Brazil
• Theoretical issues including a zero lower bound on nominal interest rates

Content in this bundle

• Carstenspdf (PDF)
• Haldanepdf (PDF)
• Leidermnpdf (PDF)
• Mccallpdf (PDF)
• Mccallumpdf (PDF)
• Strach11pdf (PDF)
• Strach7pdf (PDF)
• Strach9pdf (PDF)
• Werlangpdf (PDF)
• Orgcharta (PDF)
• Glossarya (PDF)
• Index (PDF)

References

• Speakers and Discussants
• Adobe Acrobat Reader