TY  - JOUR
AU  - Mishkin,Frederic S.
AU  - Schmidt-Hebbel,Klaus
TI  - One Decade of Inflation Targeting in the World: What Do We Know and What Do We Need to Know?
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 8397
PY  - 2001
Y2  - July 2001
UR  - http://www.nber.org/papers/w8397
L1  - http://www.nber.org/papers/w8397.pdf
N1  - Author contact info:
Frederic S. Mishkin
Columbia University
Graduate School of Business
Uris Hall 817
3022 Broadway
New York, NY 10027
Tel: 212-854-3488
Fax: 212/662-8474
E-Mail: fsm3@columbia.edu

Klaus Schmidt-Hebbel
Central Bank of Chile
Agustinas 1180
Santiago, Chile
E-Mail: kschmidt@bcentral.cl
AB  - 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.
ER  -