Talk:Inflation targeting/Archive 1
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| Archive 1 |
Dubious claim removed
I removed this sweeping, unreferenced claim:
- The downturn in the real economy of the USA in late 2008 was in large part an outcome of inflation targeting, and is exactly what the dynamic-strategy theory predicts.
-- Beland (talk) 21:33, 1 March 2010 (UTC)
Numbers
What are the specific targets of each of the countries using inflation targeting monetary policies? DOR (HK) (talk) 08:17, 19 June 2008 (UTC)
- The Bank of England provides possibly the best resource on inflation targeting internationally.
- This source is up-to-date and includes a rigorous view of all formal target countries. — Preceding unsigned comment added by 194.66.70.254 (talk) 13:37, 14 February 2012 (UTC)
American Action Outdated
Does the FOMC Dec 2012 announcement count as inflation targeting? I'm not sure, but if so, it should be mentioned in last paragraph of Debate and in History section. Pfornia (talk) 19:59, 14 March 2013 (UTC)
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Dr. Sanchez-Fung's comment on this article
Dr. Sanchez-Fung has reviewed this Wikipedia page, and provided us with the following comments to improve its quality:
In the section countries, please update as follows:
The Dominican Republic has been operating an inflation-targeting regime since 2012.
Source: http://www.bancentral.gov.do/documentos_varios/Esquema_de_Metas_de_Inflación.pdf.
We hope Wikipedians on this talk page can take advantage of these comments and improve the quality of the article accordingly.
Dr. Sanchez-Fung has published scholarly research which seems to be relevant to this Wikipedia article:
- Reference : Sanchez-Fung, Jose R, 2003. "Inflation targeting and monetary analysis in Chile and Mexico," Royal Economic Society Annual Conference 2003 179, Royal Economic Society.
Dr. Nautz's comment on this article
Dr. Nautz has reviewed this Wikipedia page, and provided us with the following comments to improve its quality:
Very appropriate.
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Dr. Nautz has published scholarly research which seems to be relevant to this Wikipedia article:
- Reference : Gunda-Alexandra Detmers & Dieter Nautz, 2014. "Stale Forward Guidance," SFB 649 Discussion Papers SFB649DP2014-027, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany.
Dr. Wyplosz's comment on this article
Dr. Wyplosz has reviewed this Wikipedia page, and provided us with the following comments to improve its quality:
It could be noted that a more precise name is "expected inflation targeting" since central banks set a goal for inflation a couple of years down the road, as correctly indicated.
The section "Theoretical questions" is more confusing than helpful. There are many models that describe how the strategy is meant to work, most of them in the New Keynesian tradition. The discussion on the limits of economic models and on econometric issues is not helpful, even though some health warning is always welcome. This one is a bit nihilist.
The US Fed is officially not an inflation targeter because it has received from the Congress dual mandate, stability of the currency and high level of employment. In practice, it acts as an expected inflation targeter, as does the ECB, but with many provisos that deserve being presented. Why is the Czech Republic, a (successful) latecomer singled out? The section on emerging markets is too succinct and cryptic.
More on what is meant constrained discretion would be welcome.
Larry Ball has been criticizing the ubiquitous 2% for being too low. There is no discussion about what happens when the zero lower bound is reached.
The section on shortcomings focus on one alternative (nominal income targeting) ignoring others (Taylor rule, monetary aggregate targeting, price level targeting), dedicating much space to minor contributors. It does not acknowledge the vast empirical literature on the strategy's performance.
The reference list to a vast literature is not selective, it looks rather random. It includes some of the usually quoted contributions alongside less obviously essential ones that mix up newspaper and unknown articles.
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Dr. Wyplosz has published scholarly research which seems to be relevant to this Wikipedia article:
- Reference : Pierre Gosselin, Aileen Lotz and Charles Wyplosz, 2007. "Interest Rate Signals and Central Bank Transparency," IHEID Working Papers 19-2007, Economics Section, The Graduate Institute of International Studies, revised Aug 2007.
Dr. Dai's comment on this article
Dr. Dai has reviewed this Wikipedia page, and provided us with the following comments to improve its quality:
1) "Inflation targeting is a monetary policy in which" should be "Inflation targeting is a monetary policy regime in which"
2) The section "Theoretical questions" is obscure and does explain how inflation targeting works. This section should be rewritten and takes into account the contributions of main researchers in the inflation targeting literature. Moreover, inflation targeting is generally studied in Aggregate Demand and Supply model (with a Phillips curve and an IS equation) or New-Keynesian models, these models do not correspond to "New Classical Macroeconomics". I recommend using Frederic Mishkin and Lars Svensson to write this section.
3) "Contrast to the usual inflation rate targeting, Laurence Ball proposed targeting on long-run inflation, targeting which takes the exchange rate into account and monetary conditions index targeting." to be changed on "In contrast to the usual inflation rate targeting, Laurence Ball proposed targeting on long-run inflation and using monetary conditions index as instrument."
Indeed, the term "monetary conditions index targeting" is rarely used, 3 in google search, including the one by Wikipedia.
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Dr. Dai has published scholarly research which seems to be relevant to this Wikipedia article:
- Reference 1: Meixing DAI, 2010. "Financial market imperfections and monetary policy strategy," Working Papers of BETA 2010-19, Bureau d'Economie Theorique et Appliquee, UDS, Strasbourg.
- Reference 2: Meixing DAI & Moise SIDIROPOULOS, 2009. "Money growth rule and macro-financial stability under inflation-targeting regime," Working Papers of BETA 2009-05, Bureau d'Economie Theorique et Appliquee, UDS, Strasbourg.
- Reference 3: Meixing Dai & Qiao Zhang, 2013. "Central bank transparency with the cost channel," Working Papers of BETA 2013-06, Bureau d'Economie Theorique et Appliquee, UDS, Strasbourg.
Dr. Altug's comment on this article
Dr. Altug has reviewed this Wikipedia page, and provided us with the following comments to improve its quality:
This is a very well done entry. I don't have further comments. My rating is Excellent.
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We believe Dr. Altug has expertise on the topic of this article, since he has published relevant scholarly research:
- Reference : Sumru Altug & Cem Cakmakli, 2014. "Inflation Targeting and Inflation Expectations: Evidence for Brazil and Turkey," Koc University-TUSIAD Economic Research Forum Working Papers 1413, Koc University-TUSIAD Economic Research Forum.