Federal Reserve Bank of St. Louis Review

Federal Reserve Bank of St. Louis Review is a magazine specializing in Finance topics.

Articles from Vol. 86, No. 4, July-August

Editors' Introduction
These conference proceedings consist of extremely thoughtful and provocative papers and discussions on critical and ancillary issues that constitute the essence of the inflation targeting (IT) debate--including a provocative discussion of IT by three...
Inflation Targeting
Should the Federal Reserve announce a quantitative inflation objective? Those opposed to the idea have noted, correctly, that the Fed has built strong credibility as an inflation-fighter without taking that step and that this credibility has allowed...
Inflation Targeting and Optimal Monetary Policy
Since the early 1990s, an increasing number of countries have adopted explicit inflation targets as the defining principle that should guide the conduct of monetary policy. This development is often credited with having brought about substantial reductions...
Inflation Targeting: A View from the ECB
1. INTRODUCTION What is the ultimate objective of monetary policy? What is the appropriate framework for conducting monetary policy? Central bankers and academics have been asking these critical questions for decades. This conference, in which I...
Is Inflation Targeting Best-Practice Monetary Policy?
1. INTRODUCTION The core requirements of inflation targeting are an explicit long-run inflation goal and a strong commitment to transparency. The framework built around these requirements has much to recommend it. Inflation and output performance...
Practical Problems and Obstacles to Inflation Targeting
The number of conferences, papers, and speeches on inflation targeting suggests a growing interest in exploring whether and in what way the Federal Open Market Committee (FOMC) should consider adopting an explicit numerical objective for inflation....
The Macroeconomic Effects of Inflation Targeting
1. INTRODUCTION Over the past 15 years, explicit inflation targeting (IT) has been adopted by an increasing number of central banks, and a substantial body of literature has emphasized the advantages of this approach as a framework for monetary...
The Role of Policy Rules in Inflation Targeting
No rule is so general, which admits not some exception. --Robert Burton, Anatomy of Melancholy 1. INTRODUCTION More than 13 years have elapsed since the Reserve Bank of New Zealand's pioneering introduction of a formal inflation target in...