The Inflation Targeting Debate

Malte Rieth ()

No 107, DIW Roundup: Politik im Fokus from DIW Berlin, German Institute for Economic Research

Abstract: Inflation targeting has become one of the most prominent monetary regimes around the globe. Proponents argue that it reduces the dynamic inconsistency problem of monetary policy and thereby stabilises prices, which in turn promotes growth. Opponents, on the other hand, say that by focusing on price stability inflation targeting neglects other important policy objectives, such as financial stability, and thereby contributed to the built up of the global financial crisis. This roundup summarises the arguments made in the debate. It concludes that no consensus has emerged in the empirical literature about whether inflation targeting improves macroeconomic performance.

Pages: 4 p.
Date: 2017
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
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