Advancing the frontiers of monetary policy
Expanding the frontiers of monetary policymaking
Tobias Adrian, Douglas Laxton, Maurice Obstfeld
- Washington : International monetary fund, c2018.
- xv, 279 p. : col ill. ; 23 cm.
Part I. The frontiers of monetary policymaking. 1. An overview of inflation-forecast targeting -- Part II. Principles and practices of inflation-forecast targeting. 2. First principles -- 3. Managing expectations -- 4. Nuts and bolts of a forecasting and policy analysis system -- 5. Monetary operations -- 6. Monetary policy and financial stability -- 7. Financial conditions -- 8. Transparency and communications -- Part III. Inflation-forecast targeting in four countries. 9. Canada: a well-established system -- 10. Czech Republic: transition to the frontier -- 11. India: stabilizing inflation -- 12. United States: Federal Reserve's dual mandate -- Part IV. A widened perspective for inflation -forecast targeting. 13. Low-income countries -- 14. A robust and adaptable nominal anchor.
Inflation-forecast targeting is state of the art for monetary policy. This book explores first principles, including managing short-term policy trade-offs. The book also outlines efficient operational procedures and reviews the experiences of Canada, the Czech Republic, and India. The analysis highlights the need for assertive policies and maximum transparency.