Inflation targeting and private sector forecasts
---- Acknowledgements -----
Stephen G Cecchetti is Economic Adviser and Head of the Monetary and Economic Department, Bank for International Settlements; Research Associate, National Bureau of Economic Research; and Research Fellow, Centre for Economic Policy Research. Craig S Hakkio is Special Adviser on Economic Policy at the Federal Reserve Bank of Kansas City. This paper was prepared for the 6th Norges Bank Monetary Policy Conference “Inflation targeting twenty years on” held in Olso, Norway on 11-12 June 2009. The authors gratefully acknowledge comments from seminar participants at the Federal Reserve Bank of Kansas City and conference participants. Views expressed are those of the authors and not necessarily those of the BIS, the Federal Reserve Bank of Kansas City, the Federal Reserve System. or the National Bureau of Economic Research.