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Inflation Targeting versus Monetary Targeting

Inflation Targeting versus Monetary Targeting
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Year:    1999

Author:    Wagner, Helmut

Credit and Capital Markets – Kredit und Kapital, Vol. 32 (1999), Iss. 4 : pp. 610–632

Abstract

Inflation targeting is currently one of the key issues in the discussion about monetary policy theory. It attracted public attention especially in the debate about the newly established European Central Bank’s monetary policy strategy. The most widely known advocates of inflation targeting like to refer to it as one of the most efficient or even the only monetary policy strategy that is efficient at all. This hypothesis has been closely analysed in this contribution comparing inflation targeting to the competing strategy of monetary targeting. Two aspects have been more closely analysed: The efficiency of the choice of interim objectives on the one hand and transparency, accountability and, thus, credibility of the respective monetary policy strategy on the other.

Journal Article Details

Publisher Name:    Global Science Press

Language:    Multiple languages

DOI:    https://doi.org/10.3790/ccm.32.4.610

Credit and Capital Markets – Kredit und Kapital, Vol. 32 (1999), Iss. 4 : pp. 610–632

Published online:    1999-04

AMS Subject Headings:    Duncker & Humblot

Copyright:    COPYRIGHT: © Global Science Press

Pages:    23

Author Details

Wagner, Helmut

  1. Globalization and financial instability

    Wagner, Helmut

    International Journal of Social Economics, Vol. 32 (2005), Iss. 7 P.616

    https://doi.org/10.1108/03068290510601144 [Citations: 3]

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Section Title Page Action Price
Helmut Wagner: Inflation Targeting versus Monetary Targeting 610
I. Einleitung 610
II. Der Ansatz des Inflation Targeting 612
III. Der Unterschied zu Monetary Targeting 616
IV. Zur Äquivalenzthese 619
V. Geldpolitische Delegation und geldpolitische Strategie 620
1. Zum Delegationsproblem 620
2. Merkmale einer effizienten Delegation der Geldpolitik 622
3. Eliminierung des Inflationsbias durch Inflation Targeting? 622
4. Zu Transparenz und Rechenschaftslegung bei Inflation Targeting und Monetary Targeting 623
5. Zur Zuweisung einer „geeigneten\" Verlustfunktion und anderen Umsetzungsproblemen 627
6. Resümee 629
Literatur 630
Zusammenfassung: Inflation Targeting versus Monetary Targeting 632
Summary: Inflation Targeting versus Monetary Targeting 632
Résumé: Objectif d'inflation versus objectif monétaire 632