Inflation Targeting: A New Framework for Monetary Policy?
Ben S. Bernanke, Frederic S. Mishkin
NBER Working Paper No. 5893 (Also Reprint No. r2143)*
Issued in July 1997
In recent years a number of industrialized countries have adopted a strategy for monetary policy known as `inflation targeting.’ We describe how this approach has been implemented in practice and argue that it is best understood as a broad framework for policy, which allows the central bank `constrained discretion,’ rather than as an ironclad policy rule in the Friedman sense. We discuss the potential of the inflation-targeting approach for making monetary policy more coherent and transparent, and for increasing monetary policy discipline. Our final section addresses some additional practical issues raised by this approach.
*Published: Bernanke, Ben S. and Frederic S. Mishkin. “Inflation Targeting: A New Framework For Monetary Policy?,” Journal of Economic Perspectives, 1997, v11(2,Spring), 97-116.
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