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Inflation Targeting and Behavioural Economics: Introduction

In: Proceedings of FIKUSZ '12

Author

Listed:
  • Martina Vránková

    (University of Economics)

Abstract

This contribution can be understood as a theoretical introductory chapter which focuses on an increasingly widespread monetary regime – inflation targeting within a relatively new economic field – Behavioural economics. Mainstream economics have a tendency to ignore the relatively extensive and deep knowledge of humanities sciences dealing with human behaviour and decision-making processes. Why not improve the standing economical models and the current paradigma with this knowledge? The target of this paper is to outline the possibilities of using behavioural economics to improve inflation targeting.

Suggested Citation

  • Martina Vránková, 2012. "Inflation Targeting and Behavioural Economics: Introduction," Proceedings of FIKUSZ '12, in: Pál Michelberger (ed.),Proceedings of FIKUSZ '12, pages 91-100, Óbuda University, Keleti Faculty of Business and Management.
    • Handle: RePEc:pkk:sfyr12:91-100
    as

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    File URL: http://www.kgk.uni-obuda.hu/sites/default/files/08_Martina_Vrankova.pdf
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    References listed on IDEAS

    as
    1. Forsells, Magnus & Kenny, Geoff, 2002. "The rationality of consumers' inflation expectations: survey-based evidence for the euro area," Working Paper Series 163, European Central Bank.
    2. Berg, Nathan, 2003. "Normative behavioral economics," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 32(4), pages 411-427, September.
    3. Kenneth N. Kuttner & Adam S. Posen, 1999. "Does talk matter after all? Inflation targeting and central bank behavior," Staff Reports 88, Federal Reserve Bank of New York.
    4. Frederic S. Miskin & Klaus Schmidt-Hebbel, 2007. "Does Inflation Targeting Make a Difference?," Central Banking, Analysis, and Economic Policies Book Series, in: Frederic S. Miskin & Klaus Schmidt-Hebbel & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Se (ed.),Monetary Policy under Inflation Targeting, edition 1, volume 11, chapter 9, pages 291-372, Central Bank of Chile.
    5. Francisco Dias & Cláudia Duarte & António Rua, 2010. "Inflation expectations in the euro area: are consumers rational?," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 146(3), pages 591-607, September.
    6. Mr. Douglas Laxton & Charles Freedman, 2009. "Inflation Targeting Pillars - Transparency and Accountability," IMF Working Papers 2009/262, International Monetary Fund.
    7. Carl E. Walsh, 2009. "Inflation Targeting: What Have We Learned?," International Finance, Wiley Blackwell, vol. 12(2), pages 195-233, August.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Behavioural economics; inflation targeting; central bank behaviour;
    All these keywords.

    JEL classification:

    • M31 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Marketing
    • M37 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Advertising

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