Overview

How should a country implement inflation-forecast targeting for monetary policy? This book explores the basic principles and practices. A central theme is that managing expectations is essential for achieving the inflation target and for effectively managing short-term policy trade-offs. The book outlines efficient operational procedures, central bank communications, financial stability issues, and the importance of incorporating financial conditions in inflation-forcast targeting. It also reviews the experiences of Canada, the Czech Republic, India and the United States. The analysis argues for assertive policies and maximum transparency, especially when long-term expectations tilt towards high inflation or deflation.

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9781484325940

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Full of both theoretical and practical insights, including engaging country examples from both advanced and developing economies, it is sure to become the reference book for students and implementers of modern central banking. - Mohamed El-Erian, Chief Economic Advisor of Allianz and Former CEO of PIMCO. The book is comprehensive, detailed, as well as very practical. It is hard to imagine a more authoritative source or a better exposition of the subject. It is a must read for anybody interested in central banking or monetary policy. - Raghuram G. Rajan, Former Governor of the Reserve Bank of India.

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