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Books > History > History of specific subjects > Economic history
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Inflation Targeting and Central Banks - Institutional Set-ups and Monetary Policy Effectiveness (Hardcover)
Loot Price: R4,561
Discovery Miles 45 610
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Inflation Targeting and Central Banks - Institutional Set-ups and Monetary Policy Effectiveness (Hardcover)
Series: Banking, Money and International Finance
Expected to ship within 12 - 17 working days
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Over the last three decades, inflation targeting (IT) has become
the most popular monetary policy framework among larger economies.
At the same time, its constituting features leave room for
different interpretations, translating into various central banks'
institutional set-ups. Against this backdrop, this book
investigates the importance of institutional arrangements for
policy outcomes. In particular, the book answers the question of
whether there are significant differences in IT central banks'
institutional set-ups, and-if yes-whether they influence the
ability of monetary authorities to meet their policy goals. The
book examines around 70 aspects related to independence,
accountability and transparency of 42 IT central banks over the
last 30 years. Based on the analysis, it can be concluded that the
quality of the institutional set-ups materially affects monetary
policy effectiveness. In fact, a visible improvement of
institutional arrangements resulting from pursuing an inflation
targeting strategy can be treated as its lasting contribution to
central banking. Thus, despite the recent critique of the
framework, its prospects continue to be rather favourable. Overall,
for the advocates of inflation targeting, the findings of the book
can be seen as identifying the sources of IT strengths, while for
IT opponents, they may be viewed as indicating which elements of IT
institutional set-ups should be kept even if the need to replace
this strategy with another regime will, indeed, result in a change.
Given the role monetary policy plays within the economy, such
knowledge may have significant implications. Therefore, the book
will be relevant for different audiences, including scholars and
researchers of monetary economics and monetary policy, and will be
essential reading for central banks already pursuing an IT strategy
or those preparing to adopt one. Importantly, the book includes
supplementary indices of proposed institutional arrangements that
assess a range of aspects related to IT central bank's
independence, accountability, and transparency. Readers thus have
access to the author's full database, which covers individual
indices for all monetary authorities investigated across the given
period of analysis.
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