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It Framework Design Parameters

It Framework Design Parameters
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Volume/Issue:
2009/87
Series:
IMF Working Papers
Author(s):
Douglas Laxton, and Charles Freedman
Publisher:
INTERNATIONAL MONETARY FUND
Published Date:
April 2009
DOI:
http://dx.doi.org/10.5089/9781451872347.001
ISBN:
9781451872347
ISSN:
1018-5941
Page:
16
This is the third chapter of a forthcoming monograph entitled "On Implementing Full-Fledged Inflation-Targeting Regimes: Saying What You Do and Doing What You Say." It examines a number of elements in the design of an inflation-targeting framework. These include the definition of the target variable, the relevance of core measures of inflation, and the advantages and disadvantages of point targets, point targets with a band, and range targets. It then discusses the choice of a long-term inflation rate, the target horizon, and the policy horizon.
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