Inflation Targeting and Financial Stability

Michael Woodford

NBER Working Paper No. 17967
Issued in April 2012

---- Acknowledgements -----

Revised text of a talk given as a keynote address at a conference, "The Future of Central Banking," at the Einaudi Institute for Economics and Finance, Rome, September 30, 2010. I would like to thank Jean Boivin, Steve Cecchetti, Vasco Curdia, Stefan Ingves, Jean-Pierre Landau, Florencio Lopez-de-Silanes, Rick Mishkin, Benoit Mojon, and Lars Svensson for helpful discussions, and Claes Berg for editorial comments on an earlier draft. This research was supported by the National Science Foundation. The author is also a consultant for the Federal Reserve Bank of New York, on research questions that can include general issues of monetary policy strategy. The opinions expressed here are however those of the author alone, and do not represent the views of the Federal Reserve Bank of New York, the Federal Reserve System, or the National Bureau of Economic Research.

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