| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w8972
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| 来源ID | Working Paper 8972
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| The Use and Meaning of Words in Central Banking: Inflation Targeting, Credibility, and Transparency |
| Benjamin M. Friedman
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| 发表日期 | 2002-05-30
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| 出版年 | 2002
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| 语种 | 英语
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| 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
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| URL | https://www.nber.org/papers/w8972
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/566580
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推荐引用方式
GB/T 7714 |
Benjamin M. Friedman. The Use and Meaning of Words in Central Banking: Inflation Targeting, Credibility, and Transparency. 2002.
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文件名：
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w8972.pdf
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格式：
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Adobe PDF
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