Inflation Targeting: A New Framework for Monetary Policy?

Bernanke, Ben S.; Mishkin, Frederic S.

doi:10.1257/jep.11.2.97

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Journal of Economic Perspectives: Vol. 11 No. 2 (Spring 1997)

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Inflation Targeting: A New Framework for Monetary Policy?

Article Citation

Bernanke, Ben S., and Frederic S. Mishkin. 1997. "Inflation Targeting: A New Framework for Monetary Policy?." Journal of Economic Perspectives, 11(2): 97-116.

DOI: 10.1257/jep.11.2.97

Abstract

In recent years, a number of industrialized countries have adopted a strategy for monetary policy known as 'inflation targeting.' The authors 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. They discuss the potential of the inflation-targeting approach for making monetary policy more coherent and transparent and for increasing monetary policy discipline. The authors' final section addresses some additional practical issues raised by this approach.

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Authors

Bernanke, Ben S. (Princeton U and NBER)
Mishkin, Frederic S. (Federal Reserve Bank of New York, NBER, and Columbia U)

JEL Classifications

E52: Monetary Policy
E31: Price Level; Inflation; Deflation
E58: Central Banks and Their Policies

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