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Can, or Should, a Central Bank Inflation Target?

In: Interpreting Keynes for the 21st Century

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  • Paul Davidson

Abstract

Today’s conventional wisdom states that central banks will be very successful if they engage in developing a monetary policy that targets a specific rate of inflation. To understand whether a central bank can successfully pursue an inflation target policy we must inquire (1) what is the theory that informs us whether a central bank can target inflation? and (2) what is the mechanism that converts a specific monetary policy into achieving a specific rate of inflation?

Suggested Citation

  • Paul Davidson, 2007. "Can, or Should, a Central Bank Inflation Target?," Palgrave Macmillan Books, in: Interpreting Keynes for the 21st Century, chapter 22, pages 277-291, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-28655-9_22
    DOI: 10.1057/9780230286559_22
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    Cited by:

    1. Angel Asensio, 2009. "Between the cup and the lip," Working Papers halshs-00496911, HAL.
    2. Giorgos Argitis, 2011. "A view on post-Keynesian interest rate policy," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 8(1), pages 91-112.
    3. Eckhard Hein & Christian Schoder, 2011. "Interest rates, distribution and capital accumulation -- A post-Kaleckian perspective on the US and Germany," International Review of Applied Economics, Taylor & Francis Journals, vol. 25(6), pages 693-723, November.
    4. Eckhard Hein & Engelbert Stockhammer, 2010. "Macroeconomic Policy Mix, Employment and Inflation in a Post-Keynesian Alternative to the New Consensus Model," Review of Political Economy, Taylor & Francis Journals, vol. 22(3), pages 317-354.
    5. Angel Asensio, 2011. "Inflation Targeting Drawbacks in the Absence of a ‘Natural’ Anchor: A Keynesian Appraisal of the Fed and ECB Policies from 1999 to 2006," Chapters, in: Claude Gnos & Louis-Philippe Rochon (ed.), Credit, Money and Macroeconomic Policy, chapter 11, Edward Elgar Publishing.
    6. Angel Asensio, 2007. "Inflation targeting drawbacks in the absence of a 'natural' anchor," Post-Print halshs-00189225, HAL.
    7. Angel Asensio, 2012. "Between the Cup and the Lip: On Post Keynesian Interest Rate Rules and Long-term Interest Rate Management," Chapters, in: Louis-Philippe Rochon & Salewa ‘Yinka Olawoye (ed.), Monetary Policy and Central Banking, chapter 1, Edward Elgar Publishing.
    8. Angel Asensio, 2009. "Bad money and distributive conflict," Working Papers halshs-00496919, HAL.
    9. Jesús Ferreiro & Carmen Gómez, 2014. "Implementing a Voluntary Wage Policy: Lessons from the Irish and Spanish Wages Policies before the Crisis," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 61(1), pages 107-127, Februar.
    10. Charan Singh, 2015. "Inflation Targeting India: Select Issues," Working Papers id:7002, eSocialSciences.
    11. Eckhard Hein, 2017. "Post-Keynesian macroeconomics since the mid 1990s: main developments," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 14(2), pages 131-172, September.
    12. Mevlut Tatliyer, 2017. "Inflation targeting and the need for a new central banking framework," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 40(4), pages 512-539, October.
    13. Angel Asensio, 2008. "(Post) Keynesian alternative to inflation targeting," Post-Print halshs-00335560, HAL.
    14. Mahmood, Haroon & Rehman, Kashif-ur-, 2013. "An Analysis of Macroeconomic State and Prospects of Pakistan during Recent Global Financial Turmoil," MPRA Paper 49447, University Library of Munich, Germany.
    15. Charan Singh, 2015. "Inflation Targeting in India: Select Issues," Working Papers id:7131, eSocialSciences.
    16. Singleton,John, 2010. "Central Banking in the Twentieth Century," Cambridge Books, Cambridge University Press, number 9780521899093, September.

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