A policy-oriented journal focusing on economic and financial market issues. The Review publishes new research by Federal Reserve Bank of New York economists, papers by affiliated economists, and the proceedings of Bank-sponsored conferences. Executive summaries of select articles are available online. See: Economic Policy Review Executive Summaries » |
Editor: Kenneth D. Garbade |
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1997 Articles
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Volume 3, Number 4 December |
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Bank Capital Requirements for Market Risk: The Internal Models Approach |
The Benefits of Branching Deregulation |
What Moves the Bond Market? |
Is There an Inflation Puzzle? |
Volume 3, Number 3 August Special Issue on Inflation Targeting |
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A Framework for the Pursuit of Price Stability William J. McDonough |
Inflation Targeting: Lessons from Four Countries Frederic S. Mishkin and Adam S. Posen In recent years, a number of central banks have chosen to orient their monetary policy toward the achievement of numerical inflation targets. This study examines the experience of the first three countries to adopt an inflation-targeting strategy—New Zealand, Canada, and the United Kingdom. It also considers the German experience with a monetary targeting scheme that incorporated many elements of inflation targeting even earlier. The authors find that the countries adopting a numerical inflation target have successfully maintained low inflation rates. Other benefits of inflation targeting include increased central bank accountability, heightened public understanding of monetary policy, and an improved climate for economic growth. |
Introduction![]() |
Part I. The Rationale for Inflation Targeting![]() |
Part II. Design Issues in the Implementation of Inflation Targets![]() |
Part III. German Monetary Targeting: A Precursor to Inflation Targeting![]() |
Part IV. New Zealand![]() |
Part V. Canada![]() |
Part VI. United Kingdom![]() |
Part VII. How Successful Has Inflation Targeting Been?![]() |
Part VIII. Conclusions: What Have We Learned?![]() |
Endnotes![]() |
References![]() |
Volume 3, Number 2 July |
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Creating an Integrated Payment System: The Evolution of Fedwire |
The Round-the-Clock Market for U.S. Treasury Securities |
Market Returns and Mutual Fund Flows |
The Evolving External Orientation of Manufacturing: Profile of Four Countries |
Credit, Equity, and Mortgage Refinancings |
Volume 3, Number 1 February |
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The Metropolitan Economy in the National and World Arenas Proceedings of a Conference Held at the Federal Reserve Bank of New York in November1996 |