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

Event overview

• The High-Level Seminar: Implementing Inflation Targets was sponsored by the IMF Institute and held at IMF Headquarters, Washington, D.C., Multipurpose Room, B-702, March 20-21, 2000.
• Participation by invitation only.
• The seminar examined reforms needed before establishing an inflation targeting framework; appropriate monetary policy under monetary and inflation targeting; experiences of Canada, Israel, New Zealand, and the United Kingdom with inflation targeting; and the transitions of Mexico and Brazil to inflation-targeting frameworks.
• A book available on the topic is 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.

Conference agenda and schedule

• 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; Topic: Monetary Rules; Speaker: Bennett McCallum (Carnegie-Mellon University); Discussant: Vincent Reinhart (Federal Reserve Board). Materials noted: "Monetary Rules (180 k pdf file)" and "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. — Topic: 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); Topic: Inflation Targeting in Canada; Speaker: Charles Freedman (Bank of Canada)
  • 3:00 p.m.-4:00 p.m. — Topic: 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); Topic: Inflation Targeting in the United Kingdom; Speaker: Andrew Haldane (Bank of England). Materials noted: "(71 k pdf file)" and "Background Paper: Targeting Inflation: The UK in Retrospect (46 k pdf file)"
• Tuesday, March 21
  • 9:00 a.m.-10:00 a.m. — Chair: Peter Montiel (IMF); Topic: Inflation Targeting in Israel; Speaker: Leonardo Leiderman (Bank of Israel and Tel Aviv University). Material noted: "Inflation Targeting in Israel (422 k pdf file)" and "Background Paper: Inflation Targeting Under a Crawling Band Exchange Rate Regime: Lessons from Israel"
  • 10:15 a.m.-11:15 a.m. — Chair: Claudio Loser (IMF); Topic: Inflation Targeting in Mexico; Speakers: Agustin Carstens (IMF) and 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. — Topic: Inflation Targeting in Brazil; Speaker: Sérgio Werlang (Central Bank of Brazil). Material noted: "Inflation Targeting in Brazil (433 k pdf file)" and "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)

Key themes and substantive focus

• Transition and implementation challenges:
  • Reforms required before establishing an inflation targeting framework.
  • Operational and strategic issues for inflation targeting in emerging market economies.
• Monetary policy design:
  • Monetary rules and implications of a zero lower bound on nominal interest rates.
  • Appropriate conduct of monetary policy under monetary and inflation targeting regimes.
• Country experiences and case studies:
  • Detailed sessions on Canada, New Zealand, the United Kingdom, Israel, Mexico, and Brazil addressing practical experiences, transitions, and lessons learned.

Materials and outputs

• Conference papers were to be posted as they became available; papers were draft and unedited.
• Specific file-size references for materials were noted where applicable: 180 k pdf file; 71 k pdf file; 46 k pdf file; 422 k pdf file; 433 k pdf file.
• Contact for the conference: conference@imf.org.
• Note: Use the free Adobe Acrobat Reader to view PDF files; general tips for using PDF files were provided.

Content in this bundle

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

References

• Speakers and Discussants
• Adobe Acrobat Reader