High-Level Seminar: Implementing Inflation Targets

IMF Seminars, January 1, 1901

Source details

Event title: High-Level Seminar: Implementing Inflation Targets
Sponsored by: the IMF Institute
Location: IMF Headquarters, Washington, D.C., Multipurpose Room, B-702
Dates: March 20-21, 2000
Participation: by invitation only
Framing: The seminar addressed issues arising from the change in monetary policy objectives following the high-inflation years of the late 1970s and early 1980s and the subsequent global trend toward lower inflation, partly associated with the adoption of inflation targets by a number of central banks.

Examine reforms countries need before establishing an inflation-targeting framework.
Analyze appropriate monetary policy under monetary and inflation targeting.
Present and compare specific country experiences with inflation targeting in industrial and emerging market economies.
Discuss operational and strategic issues relevant for emerging market economies.

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)

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: (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)
- Materials: (433 k pdf file); Background Paper: "Issues in the Adoption of an Inflation Targeting Framework in Brazil"
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)

Conference papers and brief biographical information on participants were to be posted as they became available; papers were noted as draft and unedited.
A related 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.