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Implementing Inflation Targeting: Institutional Arrangements, Target Design, and Communications
Author:
Mr. Marcel Peter
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,
Mr. Scott Roger
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Mr. Geoffrey M Heenan
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Series:
IMF Working Papers
Volume/Issue:
Volume 2006: Issue 278
Language:
English
Publication Date:
01 Dec 2006
DOI:
https://doi.org/10.5089/9781451865387.001
ISBN:
9781451865387
ISSN:
1018-5941
Pages:
57
Keywords:
WP; inflation target; instrument autonomy; decision-making autonomy; financial market; governance arrangement; management structure; statistics agency
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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Transparency is a central element in most aspects of the design and operation of inflation targeting regimes. This paper focuses on three elements of inflation targeting most closely associated with transparency: (i) the institutional arrangements supporting inflation targeting; (ii) the specification of the inflation target; and (iii) the central bank's policy communications. The paper is primarily aimed at providing practical advice to countries planning to develop an inflation targeting framework, but many of the issues are relevant for any credible, independent monetary policy.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund