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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 »
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 strategyNewZealand, 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.