Implementing Inflation Targeting: Institutional Arrangements, Target Design, and Communications

Marcel Peter, Scott Roger and Geoffrey Heenan

No 2006/278, IMF Working Papers from International Monetary Fund

Abstract: Transparency is a central element in most aspects of the design and operation of inflation targeting regimes. This paper focuses on three elements of inflation targeting most closely associated with transparency: (i) the institutional arrangements supporting inflation targeting; (ii) the specification of the inflation target; and (iii) the central bank's policy communications. The paper is primarily aimed at providing practical advice to countries planning to develop an inflation targeting framework, but many of the issues are relevant for any credible, independent monetary policy.

Keywords: WP; inflation target; instrument autonomy; decision-making autonomy; financial market; governance arrangement; management structure; statistics agency (search for similar items in EconPapers)
Pages: 57
Date: 2006-12-01
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Citations: View citations in EconPapers (35)

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