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Credibility with Flexibility: The Evolution of Inflation-Targeting Regimes, 1990–2006

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Beginning with a review of the adoption of inflation targeting in a broad group of countries, Paulin focuses on changes in the design of inflation-targeting frameworks in light of fifteen years of accumulated experience. Included in the discussion are the use of numerical targets and ranges, the policy horizon, supporting institutional policy structures, and communication, including the publication of forecasts. A recurring theme is how much flexibility an inflation-targeting regime allows. The article concludes that the changes made to the frameworks have been relatively modest since their adoption, but in concert with the improved credibility that has resulted from central banks meeting their inflation-control targets, they have allowed an increasingly nuanced response to economic shocks.

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  • Graydon Paulin, 2006. "Credibility with Flexibility: The Evolution of Inflation-Targeting Regimes, 1990–2006," Bank of Canada Review, Bank of Canada, vol. 2006(Summer), pages 5-18.
    • Handle: RePEc:bca:bcarev:v:2006:y:2006:i:summer06:p:5-18
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    Cited by:

    1. Denise Côté & Carlos De Resende, 2008. "Globalization and Inflation: The Role of China," Staff Working Papers 08-35, Bank of Canada.
    2. Mohammed SAIFUL ISLAM & Mohammad Taslim UDDIN, 2011. "Inflation Targeting as the Monetary Policy Framework: Bangladesh Perspective," Economia. Seria Management, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 14(1), pages 106-119, June.
    3. Nezir Kose & Yeliz Yalcin & Eray Yucel, 2018. "Performance of inflation targeting in retrospect," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 45(1), pages 197-213, February.
    4. Emmanuel Carré, 2014. "The origins of inflation targeting regime: the science of central banking or the art of central bankers?," Cahiers d’économie politique / Papers in Political Economy, L'Harmattan, issue 66, pages 127-172.

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