Advancing the frontiers of monetary policy

International Monetary Fund

2018

xv, 289 pages

9781484325940

Part I. The frontiers of monetary policymaking. 1. An overview of inflation-forecast targeting Part II. Principles and practices of inflation-forecast targeting. 2. First principles 3. Managing expectations 4. Nuts and bolts of a forecasting and policy analysis system 5. Monetary operations 6. Monetary policy and financial stability 7. Financial conditions 8. Transparency and communications Part III. Inflation-forecast targeting in four coutries. 9. Canada: a well-extablished system 10. Czech Republic: transition to the frontier 11. India: stabilizing inflation 12. United States: Federal Reserve's dual mandate Part IV. A widened perspective for inflation -forecast targeting. 13. Low-income countries 14. A robust and adaptable nominal anchor

Inflation-forecast targeting is state of the art for monetary policy. This book explores first principles, including managing short-term policy trade-offs. The book also outlines efficient operational procedures and reviews the experiences of Canada, the Czech Republic, and India. The analysis highlights the need for assertive policies and maximum transparency

Английский