NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

One Decade of Inflation Targeting in the World: What Do We Know and What Do We Need to Know?

Frederic S. Mishkin, Klaus Schmidt-Hebbel

NBER Working Paper No. 8397
Issued in July 2001
NBER Program(s):   ME

One decade of inflation targeting in the world offers lessons on the design and implementation of inflation targeting, the conduct of monetary policy, and country performance under inflation targeting. This paper reviews briefly the main design features of 18 inflation targeting experiences, analyzes statistically if countries under inflation targeting are structurally different from non-inflation targeting industrial countries, and reviews existing evidence about the success of inflation targeting. The interaction of inflation targeting design features and the conduct of monetary policy during transition to low inflation are tackled next. The paper ends by focusing on unresolved issues on design and implementation of inflation targeting and their relation to the conduct of monetary policy open issues that have to be addressed in the next decade of inflation targeting.

download in pdf format
   (351 K)

email paper

This paper is available as PDF (351 K) or via email.

Machine-readable bibliographic record - MARC, RIS, BibTeX

Document Object Identifier (DOI): 10.3386/w8397

Published: Loayza, Norman and Raimundo Soto (eds.) Inflation Targeting: Design, Performance, Challenges. Santiago: Central Bank of Chile, 2002.

Users who downloaded this paper also downloaded these:
Jonas and Mishkin Inflation Targeting in Transition Economies Experience and Prospects
Mishkin and Schmidt-Hebbel w12876 Does Inflation Targeting Make a Difference?
Svensson w6545 Open-Economy Inflation Targeting
Bernanke and Mishkin w5893 Inflation Targeting: A New Framework for Monetary Policy?
Mishkin w10646 Can Inflation Targeting Work in Emerging Market Countries?
 
Publications
Activities
Meetings
NBER Videos
Data
People
About

Support
National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email: info@nber.org

Contact Us