Economic Policy Review 1997 - Federal Reserve Bank of New York

Economic Policy Review

A policy-oriented journal focusing on economic and financial market issues. The Review publishes new research by Federal Reserve Bank of New York economists, papers by affiliated economists, and the proceedings of Bank-sponsored conferences. Executive summaries of select articles are available online.
See: Economic Policy Review Executive Summaries »

Editor: Kenneth D. Garbade

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1997 Articles

Volume 3, Number 4 December

Bank Capital Requirements for Market Risk:
The Internal Models Approach
Darryll Hendricks and Beverly Hirtle

The Benefits of Branching Deregulation
Jith Jayaratne and Philip E. Strahan

What Moves the Bond Market?
Michael J. Fleming and Eli M. Remolona

Is There an Inflation Puzzle?
Cara S. Lown and Robert W. Rich

Volume 3, Number 3 August
Special Issue on Inflation Targeting

A Framework for the Pursuit of Price Stability
William J. McDonough

Inflation Targeting: Lessons from Four Countries
Frederic S. Mishkin and Adam S. Posen

In recent years, a number of central banks have chosen to orient their monetary policy toward the achievement of numerical inflation targets. This study examines the experience of the first three countries to adopt an inflation-targeting strategy—New Zealand, Canada, and the United Kingdom. It also considers the German experience with a monetary targeting scheme that incorporated many elements of inflation targeting even earlier. The authors find that the countries adopting a numerical inflation target have successfully maintained low inflation rates. Other benefits of inflation targeting include increased central bank accountability, heightened public understanding of monetary policy, and an improved climate for economic growth.

Introduction