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IMF Seminars, January 1, 1901

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Bibliographic details

Published: January 1, 1901

Seminar purpose and 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.
The seminar examines:
- reforms countries need before establishing an inflation targeting framework;
- the appropriate monetary policy under monetary and inflation targeting;
- specific experiences with inflation targeting in Canada, Israel, New Zealand, and the United Kingdom;
- experiences of Mexico and Brazil in their transition to an inflation-targeting framework.

Event logistics

Title: High-Level Seminar: Implementing Inflation Targets
Sponsor: IMF Institute
Location: IMF Headquarters, Washington, D.C., Multipurpose Room, B-702
Dates: March 20-21, 2000
Participation: by invitation only
Contact: conference@imf.org

Conference structure and program highlights

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. — Session: Monetary Rules
- Chair: Michael Mussa
- Papers: "Monetary Rules" (180 k pdf file); Background Paper: "Theoretical Analysis Regarding a Zero Lower Bound on Nominal Interest Rates" (180 k pdf file)
- Speaker: Bennett McCallum (Carnegie-Mellon University)
- Discussant: Vincent Reinhart (Federal Reserve Board)
- 11:15 a.m.-12:30 p.m. — Session: Monetary Policy Under Inflation Targeting
- Speaker: Lars Svensson (Stockholm University)
- Discussant: Timothy Lane (IMF)
- 2:00 p.m.-3:00 p.m. — Session: Inflation Targeting in Canada
- Chair: Tomás Baliño (IMF)
- Speaker: Charles Freedman (Bank of Canada)
- 3:00 p.m.-4:00 p.m. — Session: Inflation Targeting in New Zealand
- Speaker: David Archer (Reserve Bank of New Zealand)
- 4:15 p.m.-5:15 p.m. — Session: Inflation Targeting in the United Kingdom
- Chair: Mohsin Khan (IMF)
- Papers: "Inflation Targeting in the United Kingdom" (71 k pdf file); Background Paper: "Targeting Inflation: The UK in Retrospect" (46 k pdf file)
- Speaker: Andrew Haldane (Bank of England)

Tuesday, March 21
- 9:00 a.m.-10:00 a.m. — Session: Inflation Targeting in Israel
- Chair: Peter Montiel (IMF)
- Paper: "Inflation Targeting in Israel" (422 k pdf file); Background Paper: "Inflation Targeting Under a Crawling Band Exchange Rate Regime: Lessons from Israel"
- Speaker: Leonardo Leiderman (Bank of Israel and Tel Aviv University)
- 10:15 a.m.-11:15 a.m. — Session: Inflation Targeting in Mexico
- Chair: Claudio Loser (IMF)
- Background Paper: "Mexico's Monetary Policy Framework Under a Floating Exchange Rate Regime" (422 k pdf file)
- Speakers: Agustin Carstens (IMF); Alejandro Werner (Bank of Mexico)
- 11:15 a.m.-12:15 p.m. — Session: Inflation Targeting in Brazil
- Paper: "Inflation Targeting in Brazil" (433 k pdf file); Background Paper: "Issues in the Adoption of an Inflation Targeting Framework in Brazil"
- Speaker: Sérgio Werlang (Central Bank of 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)

Publications and materials

Conference papers and brief biographical information on participants were to be posted as they became available; conference papers are draft and unedited.
A related book is available: 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: Use the free Adobe Acrobat Reader to view PDF files; "Tips for using PDF files" and other IMF Seminars, Conferences and Workshops guidance were referenced.

Content in this bundle

References