TOWARDS A NEW STRATEGY OF MONETARY POLICY: INFLATION TARGETING

Mugur Isarescu
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Mugur Isarescu: Corresponding Member of the Romanian Academy

Journal for Economic Forecasting, 2004, vol. 1, issue 5, 35-51

Abstract: The paper presents the basic prerequisites that Romania should fulfill so that inflation reaches a level close to that of the countries that have joined EU in 2004, highlighting the need to adopt a new monetary policy strategy, namely inflation targeting. The lessons depicted from the experience of other countries that have adopted direct inflation targeting are also revealed, and the preconditions of inflation targeting and the extent to which they are accomplished in Romania are also examined. The basic concluding remark is that direct inflation targeting is a new strategy, which enhances the public accountability of the Central Bank and requires the factors influencing the economic phenomena to work closer together.

Keywords: inflation targeting; monetary policies; transition economies (search for similar items in EconPapers)
JEL-codes: E52 E58 (search for similar items in EconPapers)
Date: 2004
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Persistent link: https://EconPapers.repec.org/RePEc:rjr:romjef:v:1:y:2004:i:5:p:35-51

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