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Inflation Targeting: Fix It, Don’t Scrap It

Michael Woodford ()

VOPROSY ECONOMIKI, 2014, vol. 10

Abstract: The paper analyzes the recent suggestions to abandon inflation targeting. The author shows that the idea of an inflation target should still be an inherent element of macroeconomic stabilization policy, but the practice of inflation targeting should be improved following the post-crisis realities. The key goal would be to maintain public confidence in the activities of the central bank.

Keywords: inflation targeting; monetary policy; credibility of policy strategy; inflation expectations; economic growth. (search for similar items in EconPapers)
JEL-codes: E31 E52 E58 (search for similar items in EconPapers)
Date: 2014
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