Price-level targeting
Fed should review monetary policy framework – Mester
Several FOMC members raised policy review at January meeting, Cleveland Fed president says
Central bank of the year: Bank of Canada
The Canadian central bank has stood out for its ever-improving levels of transparency, forward-looking management and best-practice review of its policy mandate
Bernanke says Fed likely to review policy framework
Former Fed chair says analysis on change to inflation targeting is likely; panel of experts presents wide range of views on what any change should be
Productivity puzzles and the neutral rate of interest
Monetary policy frameworks should be subjected to internal and external reviews to ensure they remain fit for purpose
Senior figures disagree over future of central bank mandates
Independence for central banks has been a success and is vital for carrying out mandate; Otmar Issing says ECB should not act as a substitute for politics
John Williams on the neutral rate of interest and mandate change
The president of the Federal Reserve Bank of San Francisco speaks about the plunge in the natural rate of interest, and why it means central banks should work together to review their price stability targets
Fed’s Williams floats co-ordinated shift from 2% targets
San Francisco Fed president is concerned that extraordinary, ‘beggar-thy-neighbour’ monetary policies will be more frequent in a lower-growth world
John Williams backs move to price-level targeting
San Francisco Fed chief says inflation targeting is losing its effectiveness in the face of a very low natural rate
Ending speculation on the Czech forex cap: quo vadis, CNB?
David Vavra suggests a method the Czech National Bank could use to free itself from the mounting pressure on its exchange rate peg, avoiding a “Swiss-style” exit
Bank of Finland paper tests price-level based forward guidance
Seppo Honkapohja and Kaushik Mitra use ‘adaptive learning’ approach to show price-level targeting can outperform inflation targeting under some circumstances
IMF research discusses 'sub-optimal' nature of non-independent central banks
International Monetary Fund working paper finds the independence of central banks is crucial to the delivery of socially optimum outcomes
Carney discusses limitations of price-level targeting
Bank of Canada governor Mark Carney says adoption of price-level targets may not be beneficial in periods of turmoil
BoC paper experiments with price-level targeting
Bank of Canada study finds evidence in support of well-anchored inflation expectations in a price-level targeting regime
Canada’s Boivin evaluates merits of switching to price-level targeting
Bank of Canada deputy governor Jean Boivin says success of a price-level targeting regime would depend on how the public adjusts its inflation expectations
Bank of Finland on modelling rational expectations
Bank of Finland study discusses modelling rational expectations in monetary policy framework
Former Obama adviser Romer urges Fed to consider price-level targeting
Former chair of President Obama’s Council of Economic Advisers Christina Romer says adoption of price-level targets at Federal Reserve would aid communication with public over policy
Price-level targeting: a new monetary approach
As criticism of inflation targeting grows, economists and central bankers are taking a closer look at price-level targeting as an alternative. Malan Rietveld reports