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IMF Seminars, January 1, 1901
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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: Participation by invitation only.
- Context: Following the widespread high-inflation years of the late 1970 s and early 1980 s, the world entered a period of relative price stability. The 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.
Themes and issues examined
- Reforms required before establishing an inflation targeting framework.
- Appropriate monetary policy under monetary and inflation targeting.
- Country-specific experiences with inflation targeting:
- Canada, Israel, New Zealand, and the United Kingdom.
- Transition experiences of Mexico and Brazil toward an inflation-targeting framework.
- Strategic and operational issues in inflation targeting, including application to emerging market economies.
Conference agenda and sessions (selected)
- 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: "Inflation Targeting in the United Kingdom" (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).
- Materials: "Inflation Targeting in Israel" (422 k pdf file); Background Paper: "Inflation Targeting Under a Crawling Band Exchange Rate Regime: Lessons from Israel".
- 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 outputs
- Conference papers and brief biographical information on each participant to be posted as they become available; conference papers are in draft and unedited.
- A 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.
- Contact: conference@imf.org.
Content in this bundle
- Carstenspdf (PDF)
- Haldanepdf (PDF)
- Leidermnpdf (PDF)
- Mccallpdf (PDF)
- Mccallumpdf (PDF)
- Strach11pdf (PDF)
- Strach7pdf (PDF)
- Strach9pdf (PDF)
- Werlangpdf (PDF)