The Optimal Monetary Policy Instrument, Inflation versus Asset Price Targeting, and Financial Stability

Goodhart, Charles, Osorio, Carolina and Tsomocos, Dimitrios (2010) The Optimal Monetary Policy Instrument, Inflation versus Asset Price Targeting, and Financial Stability. In: Cobham, David P, Eitrheim, Ø, Gerlach, S and Qvigstad, J F., (eds.) Twenty years of inflation targeting: lessons learned and future prospects. Cambridge University Press, New York, pp. 192-231. ISBN 9780521768184

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Abstract

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.

Item Type: Book Section
Keywords: inflation; finance
Subject(s): Finance
Date Deposited: 07 Mar 2012 11:43
Last Modified: 19 Sep 2018 08:41
URI: http://eureka.sbs.ox.ac.uk/id/eprint/1870

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