The Inflation-Targeting Debate

The Inflation-Targeting Debate
Ben S. Bernanke and Michael Woodford, editors

Some chapters may have appeared as NBER Working Papers, which are preliminary versions of the published papers.

Table of Contents:

Introduction
Ben S. Bernanke and Michael Woodford

1. What Has Inflation Targeting Achieved?
Mervyn King

I. Optimal Targets

2. Implementing Optimal Policy through Inflation-Forecast Targeting
Lars E. O. Svensson and Michael Woodford
Comment: Bennett T. McCallum

Discussion Summary

3. Optimal Inflation-Targeting Rules
Marc P. Giannoni and Michael Woodford
Comment: Edward Nelson

Discussion Summary

4. Inflation Targeting, Price-Path Targeting, and Output Variability
Stephen G. Cecchetti and Junhan Kim
Comment: N. Gregory Mankiw

Discussion Summary

5. Imperfect Knowledge, Inflation Expectations, and Monetary Policy
Athanasios Orphanides and John C. Williams
Comment: George W. Evans

Discussion Summary

II. Critical Perspectives

6. Does Inflation Targeting Matter?
Laurence Ball and Niamh Sheridan
Comment: Mark Gertler

Discussion Summary

7. Limits to Inflation Targeting
Christopher A. Sims
Comment: Stephanie Schmitt-Grohé

Discussion Summary

8. Inflation Targeting in the United States?
Marvin Goodfriend
Comment: Donald L. Kohn

Discussion Summary

III. Inflation Targeting for Emerging Markets

9. Inflation Targeting in Transition Economies: Experience and Prospects
Jiri Jonas and Frederic S. Mishkin
Comment: Olivier Blanchard

Discussion Summary

10. Inflation Targeting and Sudden Stops
Ricardo J. Caballero and Arvind Krishnamurthy
Comment: Ben S. Bernanke

Discussion Summary