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

Author/Editor:

Marcel Peter ; Scott Roger ; Geoffrey M Heenan

Publication Date:

December 1, 2006

Electronic Access:

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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. 2006/278

Subject:

Banking Communications in revenue administration Inflation Inflation targeting Price stabilization

English

Publication Date:

December 1, 2006

ISBN/ISSN:

9781451865387/1018-5941

Stock No:

WPIEA2006278

Pages:

57

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