Inflation targets and inflation targeting |
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| Affiliation: | 1. Hasselt University, Agoralaan, gebouw D, B-3590 Diepenbeek, Belgium;2. Department of Mathematics, Imperial College London, 180 Queen''s Gate, SW7 2AZ London, United Kingdom;3. Institute of Mathematics, Vietnam Academy for Science and Technology, 18 Hoang Quoc Viet, 10307 Ha Noi, Viet Nam;4. Department of Mathematics, Center for Dynamics & Institute of Analysis, Technische Universität Dresden, 01062 Dresden, Germany;1. Department of Applied Mathematics, Noakhali Science and Technology University, Noakhali 3814, Bangladesh;2. Department of Mathematics, Khulna University of Engineering & Technology, Khulna 9203, Bangladesh;3. Department of Applied Mathematics, University of Rajshahi, Rajshahi 6205, Bangladesh |
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| Abstract: | This paper examines the Federal Reserve System’s dual policy mandate pertaining to the promotion of price stability and high employment. It reviews the relative merits of single and dual mandates and assesses the viability of explicit inflation targets. An inflation-targeting regime is described and the experiences of several countries are reviewed. These considerations lead to proposed adoption of an explicit inflation target within the context of the Fed’s current dual mandate. This policy reform would, among other things, increase policy transparency and provide a firm anchor for inflation expectations. |
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