Inflation Targeting in Canada, New Zealand, Sweden, the United Kingdom, and in General

Bennett McCallum

No 5579, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This paper begins with a description of the inflation targeting arrangements currently in place in the four above-mentioned countries and their performance records through mid-1995 are reviewed. It is argued, however, that too little time has passed for conclusions to be drawn, so that tentative evaluations of inflation targeting need to be based on theoretical analysis and more generalized historical experiences. Accordingly, two alternative rationalizations are considered, one stemming from the literature on dynamic inconsistency and the other based on more pragmatic considerations. In addition, it is asked whether some other nominal magnitude might be preferable as a target variable and the issue of growth-rate versus growing-level target paths is addressed.

JEL-codes: D58 E52 (search for similar items in EconPapers)
Date: 1996-05
Note: EFG ME
References: View complete reference list from CitEc
Citations: View citations in EconPapers (48)

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Chapter: Inflation Targeting in Canada, New Zealand, Sweden, the United Kingdom, and in General (1997)
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