2 The Bank of Canada’s Approach to Inflation Targeting
Author:
Mr. Malcolm D. Knight https://isni.org/isni/0000000404811396 International Monetary Fund

Search for other papers by Mr. Malcolm D. Knight in
Current site
Google Scholar Close
Language:
English
Print Publication Date:
25 Sep 2002
Keywords:
BOOK; inflation-targeting regime; monetary policy; policy regime; inflation-targeting country; inflation expectation; monetary policy committee; Inflation; Inflation targeting; Consumer price indexes; Price indexes; Price stabilization; Africa; Global; Europe; Australia and New Zealand; West Africa; North America; Caribbean; GDP deflator; transmission mechanism; headline inflation; Exchange rates; Consumption taxes

Abstract

The fundamental appeal of a monetary framework that directly targets inflation as the single monetary policy objective stems from its apparent simplicity and clarity. Surely the general level of prices is an easy thing to measure, and thus it must also be an easy matter—even for the person in the street—to have a clear view of whether the central bank is or is not achieving its objective. Unfortunately, as is the case in most areas of economics, an inflation-targeting framework is not quite as simple to understand or to operate as it seems at first glance.

Within Same Series

Other IMF Content

Other Publishers Content

  • Collapse
  • Expand
Cover Statistical Implications of Inflation Targeting
Statistical Implications of Inflation Targeting
Getting the Right Numbers and Getting the Numbers Right
ISBN:
9781589061323
Publication Date:
25 Sep 2002
Publisher:
International Monetary Fund
DOI:
https://doi.org/10.5089/9781589061323.071
Pages:
396

  • Aba, S., 2001, “Don’t Mess with Mr. In-Between: Why the Bank of Canada Should Stick to Fixed Announcement Dates,” Backgrounder (Toronto: C.D. Howe Institute).

    • Search Google Scholar
    • Export Citation

  • Agénor, P. R., 2002, “Monetary Policy Under Flexible Exchange Rates: An Introduction to Inflation Targeting,” in Inflation Targeting: Design, Performance, Challenges, ed. by Norman Loayza and Raimundo Soto, Series on Central Banking, Analysis, and Economic Policies, Vol. 5 (Santiago: Central Bank of Chile).

    • Search Google Scholar
    • Export Citation

  • Åkerholm, J., and A. Brunila, 1995, “Inflation Targeting: The Finnish Experience,” in Inflation Targets, ed. by Leonardo Leiderman and Lars E.O. Svensson (London: Centre for Economic Policy Research).

    • Search Google Scholar
    • Export Citation

  • Alchian, Armen, and Benjamin Klein, 1973, “On a Correct Measure of Inflation,” Journal of Money, Credit, and Banking, Vol. 5 (February), pp. 173–91.

    • Search Google Scholar
    • Export Citation

  • Amirault, David, and L. Lafleur, 2000, “Recent Performance of the Canadian Economy: A Regional View,” Bank of Canada Review (Autumn), pp. 13–23.

    • Search Google Scholar
    • Export Citation

  • Amirault, David, and Brian O’Reilly, 2001, “The Zero Bound on Nominal Interest Rates: How Important Is It?” Bank of Canada Working Paper No. 2001-6 (Ottawa: Bank of Canada).

    • Search Google Scholar
    • Export Citation

  • Anderson, Nicola, and John Sleath, 1999, “New Estimates of the U.K. Real and Nominal Yield Curves,” Bank of England Quarterly Bulletin (November), pp. 384–92.

    • Search Google Scholar
    • Export Citation

  • Anderson, Nicola, and John Sleath, 2001, “New Estimates of the U.K. Real and Nominal Yield Curves,” Bank of England Working Paper No. 126 (London: Bank of England).

    • Search Google Scholar
    • Export Citation

  • Anderson, Nicola, and J. Talbot, 2000, “The Inflation Risk Premium and Decomposition of the Real and Nominal Yield Curves” (unpublished; London: Bank of England).

    • Search Google Scholar
    • Export Citation

  • Andersson, K., and C. Berg, 1995, “The Inflation Target in Sweden,” in Targeting Inflation, ed. by Andrew Haldane (London: Bank of England).

    • Search Google Scholar
    • Export Citation

  • Armour, J., J. Atta-Mensah, W. Engert, and S. Hendry, 1996, “A Distant-Early-Warning Model of Inflation Based on M1 Disequilibria,” Bank of Canada Working Paper No. 1996-5 (Ottawa: Bank of Canada).

    • Search Google Scholar
    • Export Citation

  • Armstrong, J. Scott, 1989, “Combining Forecasts: The End of the Beginning or the Beginning of the End?” International Journal of Forecasting, Vol. 5, pp. 585–88.

    • Search Google Scholar
    • Export Citation

  • Astin, John, 1999, “The European Union Harmonised Indices of Consumer Prices (HICP),” Statistical Journal of the United Nations, Economic Commission for Europe, Vol. 16, No. 2-3, pp. 123–35.

    • Search Google Scholar
    • Export Citation

  • Australian Bureau of Statistics, 1997, An Analytical Framework for Price Indexes in Australia, Information Paper, Catalogue 6421.0.

  • Australian Bureau of Statistics 2000, Price Indexes and the New Tax System, Information Paper, Catalogue 6425.0.

  • Bangko Sentral ng Pilipinas, 2000, “Enhancing the BSP’s Capacity to Forecast Inflation,” Annual Report (Manila).

  • Bank for International Settlements (BIS), Commonwealth Secretariat, Commission of the European Communities/Eurostat, IMF, OECD, Paris Club Secretariat, United Nations Conference on Trade and Development (UNCTAD), and World Bank, 2002, External Debt Statistics: Guide for Compilers and Users (Washington: International Monetary Fund, forthcoming).

    • Search Google Scholar
    • Export Citation

  • Bank of Canada, 1991a, “Background Note on the Targets,” Bank of Canada Review (March), pp. 9–15.

  • Bank of Canada, 1991b, “Targets for Reducing Inflation: Further Operational and Measurement Considerations,” Bank of Canada Review (September), pp. 3–23.

    • Search Google Scholar
    • Export Citation

  • Bank of Canada, 2001a, Renewal of the Inflation-Control Target: Background Information (Ottawa: Bank of Canada).

  • Bank of Canada, 2001b, Price Stability and the Long-Run Target for Monetary Policy, proceedings of a seminar held at the Bank of Canada, Ottawa, June 2000.

    • Search Google Scholar
    • Export Citation

  • Bank of Canada, Monetary Policy Report, semiannual (May and November) since May 1995 (Ottawa: Bank of Canada).

  • Baxter, Michael, 1997, “Implications of the U.S. Boskin Report for the U.K. Retail Prices Index,” ONS Economic Trends No. 527 (London: Office for National Statistics).

    • Search Google Scholar
    • Export Citation

  • Baxter, Michael, ed., 1998, The Retail Prices Index Technical Manual. Available via the Internet: http://www.statistics.gov.uk/products/p2328.asp.

    • Search Google Scholar
    • Export Citation

  • Baxter, Michael, and Dawn Camus, 1999, “Three Year Research Programme on RPI Methodology,” ONS Economic Trends No. 543 (London: Office for National Statistics).

    • Search Google Scholar
    • Export Citation

  • Berg, Claes, 2000, “Inflation Forecast Targeting: The Swedish Experience,” Svergise Riksbank Working Paper No. 100 (Stockholm: Sveriges Riksbank).

    • Search Google Scholar
    • Export Citation

  • Berglund, A., 1999, “New Inflation Measure Used as Main Indicator in the ECB/ESCB Monetary Policy for the Euro Zone,” in Proceedings of the Measurement of Inflation Conference, ed. by M. Silver and D. Fenwick (Cardiff, Wales: Cardiff Business School, Cardiff University), pp. 67–79.

    • Search Google Scholar
    • Export Citation

  • Bernanke, Ben S., and Frederic S. Mishkin, 1997, “Inflation Targeting: A New Framework for Monetary Policy?” Journal of Economic Perspectives, Vol. 11 (Spring), pp. 97–116.

    • Search Google Scholar
    • Export Citation

  • Bernanke, Ben S., and Michael Woodford, 1997, “Inflation Forecasts and Monetary Policy,” Journal of Money, Credit and Banking, Vol. 29 (November), pp.653–86.

    • Search Google Scholar
    • Export Citation

  • Bernanke, Ben S., and Mark Gertler, 1999, “Monetary Policy and Asset Price Volatility,” in New Challenges for Monetary Policy: A Symposium (Kansas City: Federal Reserve Bank of Kansas City). Available via the Internet: http://www.kc.frb.org/PUBLICAT/SYMPOS/1999/sym99prg.htm.

    • Search Google Scholar
    • Export Citation

  • Bernanke, Ben S., Thomas Laubach, Frederic S. Mishkin, and Adam S. Posen, 1999, Inflation Targeting: Lessons From the international Experience (Princeton, New Jersey: Princeton University Press).

    • Search Google Scholar
    • Export Citation

  • Blejer, Mario I., Alain Ize, Alfredo M. Leone, and Sergio Werlang, 2000, Inflation Targeting in Practice: Strategic and Operational Issues and Application to Emerging Market Economics (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation

  • Blejer, Mario I., Alfredo M. Leone, Pau Rabanal, and Gerd Schwartz, 2001, “Inflation Targeting in the Context of IMF-Supported Adjustment Programs,” IMF Working Paper 01/31 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation

  • Bogdanski, J., Alexandre Antonio Tombini, and Sérgio Ribeiro da Costa Werlang, 2000, “Implementing Inflation Targeting in Brazil,” Working Paper No. 1 (Sao Paolo: Banco Central do Brasil).

    • Search Google Scholar
    • Export Citation

  • Boschen, John F., 1988, “Monetary Policy and the Information Content of Indexed Bonds,” Journal of Macroeconomics, Vol. 10 (Spring), pp. 163–82.

    • Search Google Scholar
    • Export Citation

  • Boskin, Michael J., E. Dulberger, R. Gordon, Z. Griliches, and D. Jorgenson, 1996, Toward a More Accurate Measure of the Cost of Living, Final Report to the U.S. Senate Finance Committee, December 4 (Washington: Government Printing Office).

    • Search Google Scholar
    • Export Citation

  • Brash, Donald, 1998, “Inflation Targeting in New Zealand: Experience and Practice,” International Institute for Economic Studies Seminar Papers, No. 641 (Stockholm: University of Stockholm).

    • Search Google Scholar
    • Export Citation

  • Breedon, Francis J., and Jagjit S. Chadha, 1997, “The Information Content of the Inflation Term Structure,” Bank of England Working Paper No. 75 (London: Bank of England).

    • Search Google Scholar
    • Export Citation

  • Brown, B., and S. Maital, 1981, “What Do Economists Know? An Empirical Study of Experts’ Expectations,” Econometrica, Vol. 49 (March).

    • Search Google Scholar
    • Export Citation

  • Bryan, Michael, and Stephen Cecchetti, 1994, “Measuring Core Inflation,” in Monetary Policy, National Bureau of Economic Research Studies in Business Cycles, Vol. 29, ed. by N. Gregory Mankiew (Chicago: The University of Chicago Press).

    • Search Google Scholar
    • Export Citation

  • Bryan, Michael, and Stephen Cecchetti, 1999, “The Monthly Measurement of Core Inflation in Japan,” Bank of Japan Monetary and Economic Studies, Vol. 17 (May), pp. 77–101.

    • Search Google Scholar
    • Export Citation

  • Bureau of Labor Statistics, 1984, BLS Handbook of Methods, Volume 2; The Consumer Price Index, Bulletin 2134-2 (Washington: U.S. Government Printing Office).

    • Search Google Scholar
    • Export Citation

  • Bureau of Labor Statistics, 1993, “Anatomy of Price Change” special issue of the Monthly Labor Review, Vol. 116, No. 12 (December).

  • Campbell, John Y., Andrew W. Lo, and A. Craig MacKinlay, 1997, The Econometrics of Financial Markets (Princeton, New Jersey: Princeton University Press).

    • Search Google Scholar
    • Export Citation

  • Campbell, John Y., and Robert J. Shiller, 1996, “A Scorecard for Indexed Government Debt,” NBER Working Paper No. 5587 (Cambridge, Massachusetts: National Bureau of Economic Research).

    • Search Google Scholar
    • Export Citation

  • Campbell, John Y., and Luis M. Viceira, 2001, “Who Should Buy Long-Term Bonds?” American Economic Review, Vol. 91 (March), pp. 99–127.

    • Search Google Scholar
    • Export Citation

  • Carson, Carol S., 2001, “Toward a Framework for Assessing Data Quality,” IMF Working Paper 01/25 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation

  • Carson, Carol S., Lucie Laliberté, 2001, “Manuals on Macroeconomic Statistics; A Stocktaking to Guide Future Work,” IMF Working Paper 01/183 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation

  • Casteleijn, A. J. H., 1999, “The Viability of Implementing an Inflation Targeting Monetary Policy Framework in South Africa,” South African Reserve Bank Quarterly Bulletin (June), pp. 62–73.

    • Search Google Scholar
    • Export Citation

  • Cecchetti, Stephen, Hans Genberg, John Lipsky, and Sushil Wadhwani, 2000, Asset Prices and Central Bank Policy (Geneva: International Centre for Monetary and Banking Studies).

    • Search Google Scholar
    • Export Citation

  • Chan, Louis, 1994, “Consumption, Inflation Risk, and Real Interest Rates: An Empirical Analysis,” Journal of Business, Vol. 67 (January), pp. 69–96.

    • Search Google Scholar
    • Export Citation

  • Chile, Central Bank of Chile, 2000, “Constitutional Organic Act.” Available via the Internet: www.bcentral.cl.

  • Chortareas, Georgios, David Stasavage, and Gabriel Sterne, 2001, “Does It Pay to Be Transparent? International Evidence from Central Bank Forecasts,” Bank of England Working Paper No. 143 (London: Bank of England).

    • Search Google Scholar
    • Export Citation

  • Clarida, Richard, Jordi Galí, and Mark Gertler, 1998, “Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory,” NBER Working Paper No. 6442 (Cambridge, Massachusetts: National Bureau of Economic Research).

    • Search Google Scholar
    • Export Citation

  • Clark, Todd, 2001, “Comparing Measures of Core Inflation,” Federal Reserve Bank of Kansas City Quarterly Review (Second Quarter), pp. 5–31.

    • Search Google Scholar
    • Export Citation

  • Clinton, K., and D. Howard, 1994, “From Monetary Policy Instruments to Administered Interest Rates: The Transmission Mechanism in Canada,” Bank of Canada Review (Autumn).

    • Search Google Scholar
    • Export Citation

  • Cochrane, John H., 2001, Asset Pricing (Princeton, New Jersey: Princeton University Press).

  • Coletti, D., B. Hunt, D. Rose, and R. Tetlow, 1996, “The Dynamic Model; QPM, The Bank of Canada’s New Quarterly Projection Model, Part 3,” Technical Report No. 75 (Ottawa: Bank of Canada).

    • Search Google Scholar
    • Export Citation

  • Commission of the European Communities, International Monetary Fund, Organization for Economic Cooperation and Development, United Nations, and World Bank, 1993, System of National Accounts 1993 (1993 SNA) (Brussels: Commission of the European Communities).

    • Search Google Scholar
    • Export Citation

  • Commission of the European Communities, 1998, “On the Harmonisation of Consumer Price Indices in the European Union,” Report from the Commission to the Council (Brussels).

    • Search Google Scholar
    • Export Citation

  • Commission of the European Communities, 2000, “On the Harmonisation of Consumer Price Indices in the European Union,” Report from the Commission to the Council (Brussels).

    • Search Google Scholar
    • Export Citation

  • Cox, John C., Jonathan E. Ingersoll, and S.A. Ross, 1981, “A Reexamination of Traditional Hypotheses about the Term Structure of Interest Rates,” Journal of Finance, Vol. 36, pp. 769–99.

    • Search Google Scholar
    • Export Citation

  • Cox, John C, and Jonathan E. Ingersoll, 1985, “A Theory of the Term Structure of Interest Rates,” Econometrica, Vol. 53 (March), pp. 385–407.

    • Search Google Scholar
    • Export Citation

  • Crawford, Allan, 1998, “Measurement Biases in the Canadian CPI: An Update,” Bank of Canada Review (Spring), pp. 39–55.

  • Crawford, Allan, 2001a, “How Rigid Are Nominal-Wage Rates?” Bank of Canada Working Paper No. 2001-8 (Ottawa: Bank of Canada).

  • Crawford, Allan, 2001b, “Predictability of Average Inflation over Long Time Horizons,” Bank of Canada Review (Autumn), pp. 13–20.

  • Crawford, Allan, and Geoff Wright, 2001, “Downward Nominal-Wage Rigidity: Micro Evidence from Tobit Models,” Bank of Canada Working Paper No. 2001–7 (Ottawa: Bank of Canada).

    • Search Google Scholar
    • Export Citation

  • Cunningham, Alistir W., 1996, “Measurement Bias in Price Indices: an Application to the U.K.’s RPI,” Bank of England Working Paper No. 47 (London: Bank of England).

    • Search Google Scholar
    • Export Citation

  • Deacon, Mark, and Andrew Derry, 1994, “Deriving Estimates of Inflation Expectations from the Prices of U.K. Government Bonds,” Bank of England Working Paper No. 23 (London: Bank of England).

    • Search Google Scholar
    • Export Citation

  • Deacon, Mark, and Andrew Derry, 1998, Inflation-Indexed Securities (London: Prentice Hall Europe).

  • Debelle, Guy, Paul Masson, Miguel Savastano, and Sunil Sharma, 1998, Inflation Targeting as a Framework for Monetary Policy, Economic Issues No. 15 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation

  • Debt Management Office, 2001, “Index-Linked Gilt Re-design: Consultation Document,” United Kingdom Debt Management Office (September 7).

    • Search Google Scholar
    • Export Citation

  • Debt Management Office, 2002, “Index-Linked Gilt Re-design: Response to Consultation,” United Kingdom Debt Management Office (January 15).

    • Search Google Scholar
    • Export Citation

  • Diewert, Erwin, 1978, “Superlative Index Numbers and Consistency in Aggregation,” Econometrica, Vol. 46, pp. 883–900.

  • Diewert, Erwin, 2000, “The Consumer Price Index and Index Number Purpose,” Department of Economics of the University of British Columbia Discussion Paper No. 00-02 (Vancouver: University of British Columbia).

    • Search Google Scholar
    • Export Citation

  • Diewert, Erwin, forthcoming, “Harmonised Indexes of Consumer Prices: Their Conceptual Foundations,” forthcoming in the European Central Bank Working Paper Series.

    • Search Google Scholar
    • Export Citation

  • Domingo-Solans, Eugenio, 2001, “Issues Concerning the Use and Measurement of the HICP,” speech at the CEPR/ECB Workshop on Issues in the Measurement of Price Indices, November 16. Available via the Internet: http://www.ecb.int.

    • Search Google Scholar
    • Export Citation

  • Duguay, Pierre, and David Longworth, 1998, “Macroeconomic Models and Policymaking at the Bank of Canada,” Economic Modelling, Vol. 15 (July), pp. 357–75.

    • Search Google Scholar
    • Export Citation

  • European Central Bank, 1998, “A Stability-Oriented Monetary Policy Strategy for the European System of Central Banks,” October 13, 1998. Available via the Internet: http://www.ecb.int.

    • Search Google Scholar
    • Export Citation

  • European Central Bank, 1999, “The Stability-Oriented Monetary Policy Strategy of the Eurosystem,” ECB Monthly Bulletin (January), p. 39. Available via the Internet: http://www.ecb.int.

    • Search Google Scholar
    • Export Citation

  • European Central Bank, 2000, “The Two Pillars of ECB’s Monetary Policy Strategy,” ECB Monthly Bulletin (November), p. 37. Available via the Internet: http://www.ecb.ini.

    • Search Google Scholar
    • Export Citation

  • European Central Bank, 2001, The Monetary Policy of the ECB. Available via the Internet: http://www.ecb.int.

  • Eurostat, 2001, Compendium of HICP Reference Documents, December.

  • Evans, Martin D., 1998, “Real Rates, Expected Inflation and Inflation Risk Premia,” Journal of Finance, Vol. 53 (February), pp. 187–218.

    • Search Google Scholar
    • Export Citation

  • Fisher, Irving, 1911, The Purchasing Power of Money (New York: Macmillan).

  • Freedman, Charles, 1995, “The Canadian Experience with Inflation Targets,” in Inflation Targets, ed. by Leonardo Leiderman and Lars E.O. Svensson (New York: Centre for Economic Policy Research).

    • Search Google Scholar
    • Export Citation

  • Freedman, Charles, 1996, “What Operating Procedures Should Be Adopted to Maintain Price Stability?—Practical Issues,” in Achieving Price Stability, symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming, August.

    • Search Google Scholar
    • Export Citation

  • Freedman, Charles, 2001a, “The Value of Transparency in Conducting Monetary Policy,” remarks prepared for the Goodhard festschrift at the Bank of England, London, November.

    • Search Google Scholar
    • Export Citation

  • Freedman, Charles, 2001b, “Recent Developments in the Framework for the Conduct of Monetary Policy,” Canadian Business Economics, Vol. 8, No. 3, pp. 3–6.

    • Search Google Scholar
    • Export Citation

  • Friedman, Milton, 1992, Monetary Mischief: Episodes in Monetary History (New York: Harcourt, Brace, Jovanovich).

  • García, C., and J. Restrepo, 2001, “Price Inflation and Exchange Rate through in Chile,” Central Bank of Chile Working Paper No. 128 (Santiago: Central Bank of Chile).

    • Search Google Scholar
    • Export Citation

  • García, Pablo, L. O. Herrera, and R. Valdés, 2002, “New Frontiers for Monetary Policy in Chile,” in Inflation Targeting: Design, Performance, Challenges, ed. by Norman Loayza and Raimundo Soto, Series on Central Banking, Analysis, and Economic Policies, Vol. 5 (Santiago: Central Bank of Chile).

    • Search Google Scholar
    • Export Citation

  • Gaspar, Vítor, Klaus Masuch, and Huw Pill, 2001, “The ECB’s Monetary Policy Strategy: Responding to the Challenges of the Early Years of EMU,” paper presented at the conference of the Directorate General Economic and Financial Affairs of the European Commission, “The Functioning of EMU: the Challenge of the Early Years.”

    • Search Google Scholar
    • Export Citation

  • Gong, Frank F., Eli Remolona, and Michael Wickens, 1998, “What Was the Market’s View of U.K. Monetary Policy? Estimating Inflation Risk and Expected Inflation with Indexed Bonds,” CEPR Discussion Paper No. 2022 (London: Centre for Economic Policy Research).

    • Search Google Scholar
    • Export Citation

  • Goodhart, Charles, 2001, “What Weight Should Be Given to Asset Prices in the Measurement of Inflation?” Economic Journal, Vol. 111, No. 472 (June), pp. 335–56.

    • Search Google Scholar
    • Export Citation

  • Goodhart, Charles, Boris Hofmann, 2000, “Financial Variables and the Conduct of Monetary Policy,” Sveriges Riksbank Working Paper No. 112 (Stockholm: Sveriges Riksbank).

    • Search Google Scholar
    • Export Citation

  • Green, John H., 1996, “Inflation Targeting: Theory and Policy Implications,” IMF Working Paper 96/65 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation

  • Greenspan, Alan, 1996, “The Challenge of Central Banking in a Democratic Society,” remarks at the Annual Dinner and Francis Boyer Lecture of the American Enterprise Institute for Public Policy Research in Washington, December 5. Available via the Internet: http://www.federalreserve.gov/boarddocs/speeches/1996/

    • Search Google Scholar
    • Export Citation

  • Greenspan, Alan, 2001, Speech to Economic Club of New York, May 24. Available via the Internet: http://www.federalreserve.gov/boarddocs/speeches/2001/200105242/default.htm.

    • Search Google Scholar
    • Export Citation

  • Guinigundo, D., 1999, “Problems and Issues on Inflation Targeting: The Case of the Philippines,” paper presented at the conference “Framework for Monetary Policy in Post-Crisis Asia: Policy Options and Inflation Targeting,” Cebu, Philippines, December.

    • Search Google Scholar
    • Export Citation

  • Haglund, M., 2000, “The South African CPI: The Reliability of Present Practices and Some Potentials for Improvements,” Report from Statistics Sweden on a Mission to Statistics South Africa, Pretoria, February (Stockholm: Statistics Sweden).

    • Search Google Scholar
    • Export Citation

  • Haldane, Andrew, ed., 1995, Targeting Inflation (London: Bank of England).

  • Hendry, S., 1995, “Long-Run Demand for Ml,” Bank of Canada Working Paper 95-11 (Ottawa: Bank of Canada).

  • Hicks, John, 1946, Value and Capital, 2nd ed. (Oxford, England: Clarendon Press).

  • Hill, Peter, 1996, Inflation Accounting: A Manual on National Accounting Under Conditions of High Inflation (Paris: Organization for Economic Cooperation and Development).

    • Search Google Scholar
    • Export Citation

  • Hogan, S., M. Johnson, and T. Laflèche, 2001, “Core Inflation,” Technical Report No. 89 (Ottawa: Bank of Canada).

  • Howitt, Peter, 1997, “Low Inflation and the Canadian Economy,” in Where We Co from Here: Inflation Targets in Canada’s Monetary Policy Regime, ed. by David Laidler (Toronto: C.D. Howe Institute).

    • Search Google Scholar
    • Export Citation

  • International Monetary Fund, 1993, Balance of Payments Manual, fifth edition (Washington).

  • International Monetary Fund, 1996, Guide to the Data Dissemination Standards—Module 1: The Special Data Dissemination Standard (Washington).

    • Search Google Scholar
    • Export Citation

  • International Monetary Fund, 2000a, Monetary and Financial Statistics Manual (Washington).

  • International Monetary Fund, 2000b, The New International Standards for the Statistical Measurement of Financial Derivatives (Changes to the Text of the 1993 SNA) (Washington).

    • Search Google Scholar
    • Export Citation

  • International Monetary Fund, 2000c, Financial Derivatives: A Supplement to the Fifth Edition of the Balance of Payments Manual (Washington).

    • Search Google Scholar
    • Export Citation

  • International Monetary Fund, 2001a, Annual Report on Exchange Arrangements and Exchange Restrictions (Washington).

  • International Monetary Fund, 2001b, Chile: 2001 Article IV Consultation—Staff Report, Public Information Notice, IMF Staff Statement, and Statement by the Executive Director for Chile, IMF Country Report No. 01/116 (Washington).

    • Search Google Scholar
    • Export Citation

  • International Monetary Fund, 2001c, Colombia: Selected Issues and Statistical Appendix, IMF Country Report 01/68 (Washington).

  • International Monetary Fund, 2001d, Colombia: 2001 Article IV Consultation and Second Review Under the Extended Arrangement—Staff Report, Staff Supplement, Public Information Notice and News Brief on the Executive Board Discussion, and Statement by the Authorities of Colombia, IMF Country Report No. 01/64 (Washington).

    • Search Google Scholar
    • Export Citation

  • International Monetary Fund, 2001e, Czech Republic, Selected Issues and Statistical Appendix, IMF Country Report 01/112 (Washington).

  • International Monetary Fund, 2001f, Government Finance Statistics Manual (Washington).

  • International Monetary Fund, 2001g, “IMF Concludes 2001 Article IV Consultation and Post-Program Monitoring Discussion with Thailand,” Public Information Notice 01/90, August 16 (Washington).

    • Search Google Scholar
    • Export Citation

  • International Monetary Fund, 2001h, Mexico: Financial System Stability Assessment, including Reports on the Observance of Standards and Codes, IMF Country Report No. 01/192 (Washington).

    • Search Google Scholar
    • Export Citation

  • International Monetary Fund, 2001i, Mexico: 2001 Article IV Consultation—Staff Report, Staff Statement, Public Information Notice on the Executive Board Discussion, and Statement by the Executive Director for Mexico, IMF Country Report No. 01/190 (Washington).

    • Search Google Scholar
    • Export Citation

  • International Monetary Fund, 2001j, Quarterly National Accounts Manual: Concepts, Data Sources, and Compilation (Washington).

  • International Monetary Fund, 2002a, Coordinated Portfolio Investment Survey Guide, 2nd ed. (Washington).

  • International Monetary Fund, 2002b, “IMF Concludes 2001 Article IV Consultation with Brazil,” Public Information Notice 02/08, February 7 (Washington).

    • Search Google Scholar
    • Export Citation

  • International Monetary Fund, International Financial Statistics (Washington, various issues).

  • Issing, Otmar, 1997, “Monetary Targeting in Germany: The Stability of Monetary Policy and of the Monetary System,” Journal of Monetary Economics, Vol. 39 (June), pp. 67– 79.

    • Search Google Scholar
    • Export Citation

  • International Monetary Fund, 2001, “The Relevance of Reliable Statistical Systems for Monetary Policymaking in the Euro Area,” speech at the CEPR/ECB Workshop on Issues in the Measurement of Price Indices, Frankfurt, November 16. Available via the Internet: http://www.ecb.int.

    • Search Google Scholar
    • Export Citation

  • International Monetary Fund, V. Gaspar, I. Angeloni, and O. Tristani, 2001, Monetary Policy in the Euro Area: Strategy and Decision Making at the European Central Bank (Cambridge, England: Cambridge University Press).

    • Search Google Scholar
    • Export Citation

  • Jenkins, P., and B. O’Reilly, 2001, “Monetary Policy and the Economic Well-Being of Canadians,” in The Review of Economic and Social Progress, The Longest Decade: Canada in the 1990s, ed. by F. St-Hilaire, A. Sharpe, and K. G. Banting (Montreal: Institute for Research on Public Policy).

    • Search Google Scholar
    • Export Citation

  • Jevons, William Stanley, 1898, Money and the Mechanism of Exchange (New York: D. Appleton and Co.).

  • Johnson, David, 1998, “On the Credibility of Monetary Policy: International Evidence Based on Surveys of Expected Inflation,” in Price Stability, Inflation Targets, and Monetary Policy: Proceedings of a Conference Held by the Bank of Canada (Ottawa: Bank of Canada).

    • Search Google Scholar
    • Export Citation

  • Jonsson, Gunnar, 1999, “The Relative Merits and Implications of Inflation Targeting for South Africa,” IMF Working Paper 99/116 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation

  • Judd, John, and Glenn Rudebusch, 1998, “Taylor’s Rule and the Fed: 1970–1997,” Federal Reserve Bank of San Francisco Economic Review, Vol. 3, pp. 3– 16.

    • Search Google Scholar
    • Export Citation

  • Kester, Anne Y., 2001, International Reserves and Foreign Currency Liquidity: Guidelines for a Data Template (Washington, International Monetary Fund).

    • Search Google Scholar
    • Export Citation

  • King, Mervyn, 1995, “Credibility and Monetary Policy: Theory and Evidence,” Scottish Journal of Political Economy, Vol. 42 (February), pp. 1– 19.

    • Search Google Scholar
    • Export Citation

  • Kozicki, Sharon, 2001, “Why Do Central Banks Monitor So Many Inflation Indicators,” Federal Reserve Bank of Kansas City Economic Review, Vol. 86, No. 3, pp. 5– 42.

    • Search Google Scholar
    • Export Citation

  • Levin, Andrew, Volker Wieland, and John C. Williams, 2001, “The Performance of Forecast-Based Monetary Policy Rules Under Model Uncertainty,” Federal Reserve Board Working Paper (Washington: Federal Reserve Board).

    • Search Google Scholar
    • Export Citation

  • Leiderman, Leonardo, and Lars E. O. Svensson, eds., 1995, Inflation Targets (London: Centre for Economic Policy Research).

  • Longworth, D., 1999, “The Canadian Monetary Transmission Mechanism and Inflation Projections,” paper prepared for an IMF-Central Bank of Brazil seminar, Rio de Janeiro, May.

    • Search Google Scholar
    • Export Citation

  • Longworth, D., 2002, “Money in the Bank of Canada,” paper prepared for the annual meeting of the American Economic Association, January.

    • Search Google Scholar
    • Export Citation

  • Longworth, D., C. Freedman, 2000, “Models, Projections, and the Implementation of Policy at the Bank of Canada,” paper prepared for the conference organized by Banco de México, to celebrate its seventy-fifth anniversary, “Stabilization and Monetary Policy: The International Experience,” Mexico City, November.

    • Search Google Scholar
    • Export Citation

  • MacFarlane, I. J., 1999, “Australian Monetary Policy in the Last Quarter of the Twentieth Century,” Economic Record (Australia), Vol. 75 (September), pp. 213– 240.

    • Search Google Scholar
    • Export Citation

  • Macklem, T., 2001, “A New Measure of Core Inflation,” Bank of Canada Review (Autumn), pp. 3– 12.

  • Maclean, D., 2001, “Analyzing the Monetary Aggregates,” Bank of Canada Review (Summer), pp. 31– 43.

  • Medina, J.P., and R. Valdés, 2002a, “Optimal Monetary Policy Rules When the Current Account Matters,” in Monetary Policy: Rules and Transmission Mechanisms, ed. by Norman Loayza and Klaus Schmidt-Hebbel, Series on Central Banking, Analysis, and Economic Policies, Vol. 4 (Santiago: Central Bank of Chile).

    • Search Google Scholar
    • Export Citation

  • Medina, J.P., and R. Valdés, 2002b, “Optimal Monetary Policy Rules Under Inflation Range Targeting,” in Monetary Policy: Rules and Transmission Mechanisms, ed. by Norman Loayza and Klaus Schmidt-Hebbel, Series on Central Banking, Analysis, and Economic Policies, Vol. 4 (Santiago: Central Bank of Chile).

    • Search Google Scholar
    • Export Citation

  • Meyer, Laurence, 2001, “Inflation Targets and Inflation Targeting,” remarks delivered at the University of California at San Diego Economics Round-table, San Diego, California, July 17. Available via the Internet: http://www.federalreserve.gov/boa rddocs/speeches/2001/.

    • Search Google Scholar
    • Export Citation

  • Mishkin, Frederic, and M. Savastano, 2000, “Monetary Policy Strategies for Latin America,” NBER Working Paper No. 7617 (Cambridge, Massachusetts: National Bureau of Economic Research, March).

    • Search Google Scholar
    • Export Citation

  • Mishkin, Frederic, and Klaus Schmidt-Hebbel, 2002, “A Decade of Inflation Targeting in the World: What Do We Know and What Do We Need to Know?” in Inflation Targeting: Design, Performance, Challenges, ed. by Norman Loayza and Raimundo Soto, Series on Central Banking, Analysis, and Economic Policies, Vol, 5 (Santiago: Central Bank of Chile).

    • Search Google Scholar
    • Export Citation

  • Montplaisir, M.-C., 1996-97, “The Maturity Structure of Household Financial Assets and Liabilities,” Bank of Canada Review (Winter), pp. 33– 46.

    • Search Google Scholar
    • Export Citation

  • Muller, P., and M. Zelmer, 1999, “Greater Transparency in Monetary Policy: Impact on Financial Markets,” Technical Report No. 86 (Ottawa: Bank of Canada).

    • Search Google Scholar
    • Export Citation

  • Nelson, Charles R., and Andrew F. Siegel, 1987, “Parsimonious Modeling of Yield Curves,” Journal of Business, Vol. 60 (October), pp. 473––89.

    • Search Google Scholar
    • Export Citation

  • Nessén, M., and Ulf Söderström, 2000, “Core Inflation and Monetary Policy,” Sveriges Riksbank Working Paper No. 110 (Stockholm: Sveriges Riksbank).

    • Search Google Scholar
    • Export Citation

  • Office for National Statistics, 1999, “Three Year Research Programme on RPI Methodology,” Economic Trends, No. 543 (February), pp. 25– 29.

    • Search Google Scholar
    • Export Citation

  • O’Reilly, B., 1998, “The Benefits of Low Inflation: Taking Stock,” Technical Report No. 83 (Ottawa: Bank of Canada).

  • Organization for Economic Cooperation and Development (OECD), 1996, OECD Benchmark Definition of Foreign Direct Investment, 3rd ed. (Paris)

    • Search Google Scholar
    • Export Citation

  • Organization for Economic Cooperation and Development (OECD), 2001, Measuring Capital: A Manual on the Measurement of Capital Stocks, Consumption of Fixed Capital and Capital Services (Paris)

    • Search Google Scholar
    • Export Citation

  • Organization for Economic Cooperation and Development (OECD), 2002, Measuring the Non-Observed Economy: A Handbook (Paris).

  • Organization for Economic Cooperation and Development (OECD), Commission of the European Communities/Eurostat, IMF, United Nations Department of Economic and Social Affairs/Statistics Division, United Nations Conference on Trade and Development (UNCTAD), and the World Trade Organization (WTO), 2002, Manual on Statistics of International Trade in Services (TIS) (Paris, forthcoming).

    • Search Google Scholar
    • Export Citation

  • Palmqvist, Stefan, 1999, “Why Central Banks Announce Their Objectives: Monetary Policy with Discretionary Signaling,” Sveriges Riksbank Working Paper No. 78 (Stockholm: Sveriges Riksbank).

    • Search Google Scholar
    • Export Citation

  • Panigirtzoglou, N., 2001, “Using Affine Models of the Term Structure to Estimate Risk Premia” (unpublished; London: Bank of England).

    • Search Google Scholar
    • Export Citation

  • Perrier, P., 1998, “Un examen de la crédibilité de la politique monétaire au Canada,” Bank of Canada Working Paper No. 98-12 (Ottawa: Bank of Canada).

    • Search Google Scholar
    • Export Citation

  • Perrier, P., R. Amano, 2000, “Credibility and Monetary Policy,” Bank of Canada Review (Spring), pp. 11– 17.

  • Pollak, Robert A., 1975, “The Intertemporal Cost-of-Living Index,” Annals of Economic and Social Measurement, Vol. 4, No. 1 (Winter), pp. 179– 95.

    • Search Google Scholar
    • Export Citation

  • Pollak, Robert A., 1989, The Theory of the Cost-of-living index (Oxford, England: Oxford University Press).

  • Price, Robert, 1997, “The Rationale and Design of Inflation-Indexed Bonds,” IMF Working Paper No. 97/12 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation

  • Ragan, C., 1998, “On the Believable Benefits of Low Inflation,” Bank of Canada Working Paper No. 98-15 (Ottawa: Bank of Canada).

  • Reserve Bank of Australia, 1992, “Recent Trends in Inflation,” Reserve Bank of Australia Bulletin (May).

  • Reserve Bank of Australia, 1994, “Measuring ‘Underlying’ Inflation,” Reserve Bank of Australia Bulletin (August), pp. 1– 61.

  • Reserve Bank of Australia, 1995, Attachment to “Quarterly Report on the Economy and Financial Markets,” Reserve Bank of Australia Bulletin (July).

    • Search Google Scholar
    • Export Citation

  • Roger, Scott, 1991, “Terms of Trade Movements in Major Industrial Countries, 1969–1989,” Bank of Canada Working Paper No. 91-2 (Ottawa: Bank of Canada).

    • Search Google Scholar
    • Export Citation

  • Roger, Scott, 1997, “A Robust Measure of Core Inflation in New Zealand, 1949–96,” Reserve Bank of New Zealand Discussion Paper No. G97/7 (Wellington: Reserve Bank of New Zealand).

    • Search Google Scholar
    • Export Citation

  • Roger, Scott, 1998, “Core Inflation: Concepts, Uses and Measurement,” Reserve Bank of New Zealand Discussion Paper No. G98/9 (Wellington: Reserve Bank of New Zealand).

    • Search Google Scholar
    • Export Citation

  • Samuelson, Paul, 1961, “The Evaluation of ‘Social Income’: Capital Formation and Wealth,” in The Theory of Capital, ed. by Friedrich A. Lutz and Douglas C. Hague (London: Macmillan).

    • Search Google Scholar
    • Export Citation

  • Schaechter, Andrea, Mark Stone, and Mark Zelmer, 2000, Adopting Inflation Targeting: Practical Issues for Emerging Market Countries, IMF Occasional Paper No. 202 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation

  • Shapiro, Matthew D., and David W. Wilcox, 1996, “Mismeasurement in the Consumer Price Index: An Evaluation,” NBER Working Paper No. 5590 (Cambridge, Massachusetts: National Bureau of Economic Research). Available via the Internet: http://www.nber.org/papers/tv5590.

    • Search Google Scholar
    • Export Citation

  • Shapiro, Matthew D., and David W. Wilcox, 1997, “Alternative Strategies for Aggregating Prices in the CPI,” NBER Working Paper No. 5980 (Cambridge, Massachusetts: National Bureau of Economic Research). Available via the Internet: http://www.nber.org/ papers/w5980.

    • Search Google Scholar
    • Export Citation

  • Sherwin, M., 2000, “Strategic Choices in Inflation Targeting: The New Zealand Experience,” in Inflation Targeting in Practice: Strategic and Operational Issues and Application to Emerging Market Economies, ed. by Mario I. Blejer, Alain Ize, Alfredo M. Leone, and Sergio Werlang (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation

  • Shibuya, Hiroshi, 1992, “Dynamic Equilibrium Price Index: Asset Price and Inflation,” Bank of Japan Monetary and Economic Studies, Vol. 10 (February), pp. 95–109.

    • Search Google Scholar
    • Export Citation

  • Shiratsuka, Shigenori, 1999, “Asset Price Fluctuation and Price Indices,” Bank of Japan Monetary and Economic Studies, Vol. 17, No. 3 (December), pp. 103– 28.

    • Search Google Scholar
    • Export Citation

  • Silver, Mick, and Saeed Heravi, 2001, “Why the CPI Matched Models Method May Fail Us: Results from an Hedonic and Matched Experiment Using Scanner Data,” paper presented at the CEPR/ECB Workshop on Issues in the Measurement of Price Indices, Frankfort, November 16. Available via the Internet: http://www.ecb.int.

    • Search Google Scholar
    • Export Citation

  • Spiegel, Mark, 1998, “Central Bank Independence and Inflation Expectations: Evidence from British Index-Linked Gilts,” Federal Reserve Bank of San Francisco Economic Review, No. 1, pp. 3–14.

    • Search Google Scholar
    • Export Citation

  • Statens Offentliga utredningar, 1999, “Konsumentprisindextal,” Special Committee Report on the Consumer Price Index.

  • Statistics South Africa, 2000, “Consumer Price Index (CPI), January 2000,” Statistical Release P0141.1, February 15, 2000.

  • Statistics South Africa, 2001, “Consumer Price Index (CPI), July 2001,” Statistical Release P0141.1, August 21, 2001.

  • Statistics Sweden, 2001, The Swedish Consumer Price Index: A Handbook of Methods (Stockholm: Statistics Sweden).

  • Stein, Roy, 2001, “The Risk Premium Included in Expectations of Inflation and of Exchange Rate Changes in Israel” (M.A. thesis; Tel Aviv: Faculty of Management, Tel Aviv University).

    • Search Google Scholar
    • Export Citation

  • Stevens, G., 1999, “Six Years of Inflation Targeting,” Reserve Bank of Australia Bulletin (May), pp. 46–61.

  • Stuber, Gerald, 2001, “Implications of Uncertainty About Long-Run Inflation and the Price Level,” Bank of Canada Working Paper No. 2001-16 (Ottawa: Bank of Canada).

    • Search Google Scholar
    • Export Citation

  • Sundararajan, V., Charles A. Enoch, Armida San Jose, Paul L. Hilbers, Russell C. Krueger, Marina Moretti, and Graham L. Slack, 2002, Financial Soundness Indicators: Analytical Aspects and Country Practices, IMF Occasional Paper No. 212 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation

  • Svensson, Lars E. O., 1994, “Estimating and Interpreting Forward Interest Rates: Sweden 1992-94,” IMF Working Paper 94/114 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation

  • Svensson, Lars E. O., 1995, “Estimating Forward Interest Rates with the Extended Nelson & Siegel Method,” Sveriges Riksbank Quarterly Review, No. 3, pp. 13–26.

    • Search Google Scholar
    • Export Citation

  • Svensson, Lars E. O., 1997, “Inflation Forecast Targeting: Implementing and Monitoring Inflation Targets,” European Economic Review, Vol. 41, No. 6 (June), pp. 1111–46.

    • Search Google Scholar
    • Export Citation

  • Svensson, Lars E. O., 1999, “Price Stability as a Target for Monetary Policy: Defining and Maintaining Price Stability,” Sveriges Riksbank Working Paper No. 91 (Stockholm: Sveriges Riksbank).

    • Search Google Scholar
    • Export Citation

  • Svensson, Lars E. O., 2000, “Open-Economy Inflation Targeting,” Journal of International Economics, Vol. 50 (February), pp. 155–83.

    • Search Google Scholar
    • Export Citation

  • Takeda, Masahiko, 2002, “Private Inflation Forecasts in Inflation Targeting” (unpublished; Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation

  • Tarkka, Juha, and David Mayes, 1999, “The Value of Publishing Official Central Bank Forecasts,” Bank of Finland Discussion Paper No. 22/99 (Helsinki: Bank of Finland).

    • Search Google Scholar
    • Export Citation

  • Taylor, John B., 1993, “Discretion versus Policy Rules in Practice,” Carnegie-Rochester Conferences Series on Public Policy, Vol. 39 (December), pp. 195–220.

    • Search Google Scholar
    • Export Citation

  • Taylor, John B., ed., 1999, Monetary Policy Rules (Chicago: The University of Chicago Press).

  • Thiessen, Gordon G., 1995, “Uncertainty and the Transmission of Monetary Policy in Canada,” Bank of Canada Review (Summer), pp. 41–58.

    • Search Google Scholar
    • Export Citation

  • Thiessen, Gordon G., 1998, “The Canadian Experience with Targets for Inflation Control,” Gibson Lecture, Queen’s University, October, reprinted in Bank of Canada Review (Spring), pp. 19–22.

    • Search Google Scholar
    • Export Citation

  • Thiessen, Gordon G., 2000a, “Can the Bank Change? The Evolution of Monetary Policy at the Bank of Canada 1935-2000,” speech delivered at the Faculty of Social Science, University of Western Ontario, London, Ontario, October.

    • Search Google Scholar
    • Export Citation

  • Thiessen, Gordon G., 2000b, “The Outlook for the Canadian Economy and the Conduct of Monetary Policy,” remarks to the Calgary Chamber of Commerce, Calgary, Alberta, September.

    • Search Google Scholar
    • Export Citation

  • Tkacz, Greg, and Sarah Hu, 1999, “Forecasting GDP Growth Using Artificial Neural Networks,” Bank of Canada Working Paper No. 1999-3 (Ottawa: Bank of Canada).

    • Search Google Scholar
    • Export Citation

  • Triplett, Jack E., 2001, “Should the Cost-of-Living Index Provide the Conceptual Framework for a Consumer Price Index?” Economic Journal, Vol. 111, No. 472 (June), pp. 311–34.

    • Search Google Scholar
    • Export Citation

  • Tuano-Amador, M.C., and M.D. Paraso, 2002, “Operational Issues in Inflation Targeting for the Philippines,” Bangko Sentral Review, Vol. 6, No. 1 (January).

    • Search Google Scholar
    • Export Citation

  • United Nations, 1993, Integrated Environmental and Economic Accounting, Studies in Methods, Handbook of National Accounting, Series F, No. 61 (New York: Department of Economic and Social Affairs, Statistics Division).

    • Search Google Scholar
    • Export Citation

  • United Nations, 1996, Use of the System of National Accounts in Economies in Transition, Studies in Methods, Handbook of National Accounting, Series F, No. 66 (New York: Department of Economic and Social Affairs, Statistics Division).

    • Search Google Scholar
    • Export Citation

  • United Nations, 1998, International Merchandise Trade Statistics: Concepts and Definitions; Studies in Methods, Series M, No. 52, rev. 2 (New York: Department of Economic and Social Affairs, Statistics Division).

    • Search Google Scholar
    • Export Citation

  • United Nations, 1999, Input-Output Table Compilation and Analysis, Studies in Methods, Handbook of National Accounting, Series F, No. 74 (New York: Department of Economic and Social Affairs, Statistics Division).

    • Search Google Scholar
    • Export Citation

  • United Nations, 2000a, Household Accounting: Experience in Concepts and Compilation, Vol. 1, Household Sector Accounts, Studies in Methods, Handbook of National Accounting, Series F, No. 75/Vol. 1 (New York: Department of Economic and Social Affairs, Statistics Division).

    • Search Google Scholar
    • Export Citation

  • United Nations, 2000b, Links Between Business Accounting and National Accounting, Studies in Methods, Handbook of National Accounting, Series F, No. 76 (New York: Department of Economic and Social Affairs, Statistics Division).

    • Search Google Scholar
    • Export Citation

  • United Nations, and Johns Hopkins University Center for Civil Society Studies, 2002, Handbook on Non-Profit Institutions in the System of National Accounts, Series F, No. 91 (New York: Department of Economic and Social Affairs, Statistics Division, forthcoming).

    • Search Google Scholar
    • Export Citation

  • Van den Heever, J.P., 2001, “A Note on Inflation Targeting in South Africa,” South African Journal of Economics, Vol. 69, No. 1 (March), pp. 168–77.

    • Search Google Scholar
    • Export Citation

  • Vasicek, Oldrich, 1977, “An Equilibrium Characterization of the Term Structure,” Journal of Financial Economics, Vol. 5 (November), pp. 177–88.

    • Search Google Scholar
    • Export Citation

  • Waggoner, Daniel F., 1997, “Spline Methods for Extracting Interest Rate Curves from Coupon Bond Prices,” Federal Reserve Bank of Atlanta Working Paper No. 97-10 (Atlanta: Federal Reserve Bank).

    • Search Google Scholar
    • Export Citation

  • Woolford, Keith, 1999, “Measuring Inflation: A Framework Based on Domestic Final Purchases,” in Proceedings of the Measurement of Inflation Conference, ed. by Michael Silver and David Fenwick (Cardiff, Wales: Eurostat, Cardiff University, and U.K. Office for National Statistics).

    • Search Google Scholar
    • Export Citation

  • Wynne, Mark, and Diego Rodriguez-Palenzuela, forthcoming, “Measurement Bias in the HICP; What Do We Know, and What Do We Need to Know?” forthcoming in the European Central Bank Working Paper Series.

    • Search Google Scholar
    • Export Citation

  • Yates, Anthony, 1995, “On the Design of Inflation Targets,” in Targeting Inflation, ed. by Andrew Haidane (London: Bank of England).

    • Search Google Scholar
    • Export Citation