Inflation targeting

Daniel Felcser, Laura Komlóssy (), Árpád Vadkerti () and Balázs H. Váradi ()
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Laura Komlóssy: Magyar Nemzeti Bank
Árpád Vadkerti: Magyar Nemzeti Bank
Balázs H. Váradi: Magyar Nemzeti Bank

MNB Handbook, 2016, vol. 1, issue 3, 1-64

Abstract: The most important goal of economic policy is to ensure stable economic growth that is sustainable over the long term, to which central banks can contribute by keeping inflation low and pursuing a predictable, credible monetary policy. In various countries, this understanding serves as a basis for central bank legislation, in which central banks’ primary objective is stipulated as the achievement and maintenance of price stability. Nearly 30 countries use an inflation targeting (IT) framework for achieving price stability. In addition to price stability, central banks’ strategies also contain other goals such as ensuring financial stability and supporting the economic policy of the government, but these may only be pursued by central banks without prejudice to the primary objective.

Keywords: inflation targeting; monetary policy; financial crisis (search for similar items in EconPapers)
Date: 2016
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