JOURNAL ARTICLE
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Inflation Targeting versus Monetary Targeting
Credit and Capital Markets – Kredit und Kapital, Vol. 32 (1999), Iss. 4 : pp. 610–632
1 Citations (CrossRef)
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Helmut Wagner, Hagen
Cited By
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Globalization and financial instability
Wagner, Helmut
International Journal of Social Economics, Vol. 32 (2005), Iss. 7 P.616
https://doi.org/10.1108/03068290510601144 [Citations: 3]
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Abstract
Inflation targeting is currently one of the key issues in the discussion about monetary policy theory. It attracted public attention especially in the debate about the newly established European Central Bank’s monetary policy strategy. The most widely known advocates of inflation targeting like to refer to it as one of the most efficient or even the only monetary policy strategy that is efficient at all. This hypothesis has been closely analysed in this contribution comparing inflation targeting to the competing strategy of monetary targeting. Two aspects have been more closely analysed: The efficiency of the choice of interim objectives on the one hand and transparency, accountability and, thus, credibility of the respective monetary policy strategy on the other.