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Article: Accountability, transparency, and inflation targeting.
- Article from:
- Journal of Money, Credit & Banking
- Article date:
- October 1, 2003
- Author:
CopyrightCOPYRIGHT 2003 Ohio State University Press. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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DURING the past decade, inflation targeting has grown in popularity among central bankers and economists. While New Zealand was one of the first countries to adopt an explicit inflation targeting regime, it is certainly no longer alone. Canada, the Czech Republic, Israel, Mexico, Sweden, and the UK have all adopted some form of inflation targeting, as had Finland and Spain prior to entering the European Monetary Union. (1) The trend towards inflation targeting by central banks, as well as the academic interest in inflation targeting, reflects two themes. One theme, that of accountability, has stressed the need to solve the credibility problems that can arise when policy is ...