## High-Level Seminar: Implementing Inflation Targets

_IMF Seminars, January 1, 1901_

## Source details

**Canonical URL:** [High-Level Seminar: Implementing Inflation Targets](https://www.imf.org/zh/news/seminars/conferences/2016/12/31/high-level-seminar-implementing-inflation-targets)

## Other formats

- [Markdown version](/zh/news/seminars/conferences/2016/12/31/high-level-seminar-implementing-inflation-targets/index.md)
- [Structured JSON version](/zh/news/seminars/conferences/2016/12/31/high-level-seminar-implementing-inflation-targets/index.json)
- [Bundle manifest](/zh/news/seminars/conferences/2016/12/31/high-level-seminar-implementing-inflation-targets/bundle-manifest.json)

## Bibliographic details
- Published: January 1, 1901

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### Event overview and objectives
- Sponsored by the IMF Institute; held at IMF Headquarters, Washington, D.C., Multipurpose Room, B-702.
- Dates: March 20-21, 2000.
- Participation: Participation by invitation only.
- Purpose: To examine issues arising from the shift toward explicit inflation targets, including:
  - Reforms countries need before establishing an inflation-targeting framework.
  - Appropriate monetary policy under monetary and inflation targeting.
  - Country experiences with inflation targeting in Canada, Israel, New Zealand, the United Kingdom, Mexico, and Brazil.
- Conference materials: Conference papers and brief biographical information on each participant were to be posted as they became available; papers noted as draft and unedited.
- Associated publication: 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.

### Key topics and analytical themes
- Historical context: Followed the high-inflation years of the late 1970s and early 1980s and the subsequent global trend toward relative price stability attributed partly to adoption of inflation targets.
- Policy design and implementation:
  - Preconditions and institutional reforms required prior to adopting inflation targeting.
  - Operational aspects of monetary policy under an inflation-targeting regime, including considerations related to the zero lower bound on nominal interest rates.
  - Interaction of inflation targeting with exchange rate regimes (including issues under a crawling band).
- Case studies and transitional experiences:
  - Industrial-country experiences: Canada, New Zealand, United Kingdom, Israel.
  - Emerging-market transitions: Mexico, Brazil.

### Conference agenda highlights (sessions, times, chairs, presenters, discussants, and materials)
- 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: (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)
    - Materials: 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)

### Procedural notes and contact
- Contact: conference@imf.org
- Technical note: Use the free Adobe Acrobat Reader to view PDF files; tips for using PDF files provided.

---

## Content in this bundle

- [Carstenspdf (PDF)](/-/media/websites/imf/imported-events/external/pubs/ft/seminar/2000/targets/_carstenspdf.pdf){rel="external" type="application/pdf"}
- [Haldanepdf (PDF)](/-/media/websites/imf/imported-events/external/pubs/ft/seminar/2000/targets/_haldanepdf.pdf){rel="external" type="application/pdf"}
- [Leidermnpdf (PDF)](/-/media/websites/imf/imported-events/external/pubs/ft/seminar/2000/targets/_leidermnpdf.pdf){rel="external" type="application/pdf"}
- [Mccallpdf (PDF)](/-/media/websites/imf/imported-events/external/pubs/ft/seminar/2000/targets/_mccallpdf.pdf){rel="external" type="application/pdf"}
- [Mccallumpdf (PDF)](/-/media/websites/imf/imported-events/external/pubs/ft/seminar/2000/targets/_mccallumpdf.pdf){rel="external" type="application/pdf"}
- [Strach11pdf (PDF)](/-/media/websites/imf/imported-events/external/pubs/ft/seminar/2000/targets/_strach11pdf.pdf){rel="external" type="application/pdf"}
- [Strach7pdf (PDF)](/-/media/websites/imf/imported-events/external/pubs/ft/seminar/2000/targets/_strach7pdf.pdf){rel="external" type="application/pdf"}
- [Strach9pdf (PDF)](/-/media/websites/imf/imported-events/external/pubs/ft/seminar/2000/targets/_strach9pdf.pdf){rel="external" type="application/pdf"}
- [Werlangpdf (PDF)](/-/media/websites/imf/imported-events/external/pubs/ft/seminar/2000/targets/_werlangpdf.pdf){rel="external" type="application/pdf"}

---

## References

- [Speakers and Discussants](https://www.imf.org/zh/news/seminars/conferences/2016/12/31/speakers.htm)
- [Adobe Acrobat Reader](https://www.imf.org/adobe)

_Source: https://www.imf.org/zh/news/seminars/conferences/2016/12/31/high-level-seminar-implementing-inflation-targets_