Twenty Years of Inflation Targeting Lessons Learned and Future Prospects [Paperback]

A thorough examination of the past twenty years of inflation targeting by a distinguishing team of academics and professional economists.This book provides a comprehensive review of the experience of inflation targeting since its introduction in New Zealand in 1989 and looks in detail at what we can learn from the past twenty years and what challenges we may face in the future.This book provides a comprehensive review of the experience of inflation targeting since its introduction in New Zealand in 1989 and looks in detail at what we can learn from the past twenty years and what challenges we may face in the future.There is now a remarkably strong consensus among academics and professional economists that central banks should adopt explicit inflation targets and that all key monetary policy decisions, especially those concerning interest rates, should be made with a view to ensuring that these targets are achieved. This book provides a comprehensive review of the experience of inflation targeting since its introduction in New Zealand in 1989 and looks in detail at what we can learn from the past twenty years and what challenges we may face in the future. Written by a distinguished team of academics and professional economists from central banks around the world, the book covers a wide range of issues including many that have arisen as a result of the recent financial crisis. It should be read by anyone concerned with better understanding inflation targeting and its past, present and future role within monetary policy.List of figures; List of tables; 1. Introduction David Cobham, ?yvind Eitrheim, Stefan Gerlach and Jan Qvigstad; 2. Welcome remarks: a Norwegian perspective Jan F. Qvigstad; 3. Reflections on inflation targeting Athanasios Orphanides; 4. Inflation targeting at 20: achievements and challenges Scott Roger; 5. Inflation targeting twenty years on: where, when, why, with what effects, what lies ahead? Klaus Schmidt-Hebbel; 6. How did we get to inflation targl³!