Monetary targetry: Might Carney make a difference?

Charles A.E. Goodhart, Melanie Baker, Jonathan Ashworth, 22 January 2013

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The economic recovery from the 2008/9 crisis has been depressingly slow in the UK, as in many other developed countries. Further fiscal expansion is constrained by concerns about the extraordinary (for peace-time) scale of the public sector deficit and rise in the debt/GDP ratio.

Topics: Monetary policy
Tags: Bank of England, nominal GDP targeting

Central banks can phase in nominal GDP targets without damaging the inflation anchor

Jeffrey Frankel, 19 December 2012

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The time is right for the world’s central banks to reconsider the framework they use in conducting monetary policy. The US Federal Reserve and the ECB are still grappling with sustained economic weakness, despite years of low interest rates.

Topics: Monetary policy
Tags: inflation targeting, monetary policy, nominal GDP targeting

The death of inflation targeting

Jeffrey Frankel, 19 June 2012

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It is with regret that we announce the death of inflation targeting. The monetary regime, known affectionately as “IT” to its friends, evidently passed away in September 2009.

Topics: Macroeconomic policy, Monetary policy
Tags: inflation targeting, nominal GDP targeting

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