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来源类型Working Paper
规范类型报告
DOI10.3386/w8972
来源IDWorking Paper 8972
The Use and Meaning of Words in Central Banking: Inflation Targeting, Credibility, and Transparency
Benjamin M. Friedman
发表日期2002-05-30
出版年2002
语种英语
摘要Inflation targeting offers the promise of introducing to monetary policy a logic and consistency that some central banks' deliberations sorely missed in the past. At least in today's inherited monetary policymaking context, however, inflation targeting also serves two further objectives that are of more questionable import, and while seemingly contradictory, the two are ultimately related: By forcing participants in the monetary policy debate to conduct the discussion in a vocabulary pertaining solely to inflation, inflation targeting fosters over time the atrophication of concerns for real outcomes. In the meanwhile, inflation targeting hides from public view whatever concerns for real outcomes policymakers do maintain. Both objectives are understandable. Whether either is desirable on economic grounds is an open question. Neither is very consistent with the role of monetary policy in a democracy.
主题Macroeconomics ; Monetary Policy
URLhttps://www.nber.org/papers/w8972
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/566580
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Benjamin M. Friedman. The Use and Meaning of Words in Central Banking: Inflation Targeting, Credibility, and Transparency. 2002.
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