Inflation targeting worldwide and in Hungary a miracle or a disaster? /
Inflation Targeting (IT) is one of the operational frameworks for monetary policy aimed at attaining price stability. Goodhart’s (2009) law states that any observed statistical regularity will tend to collapse once pressure is placed upon it for control purposes. Central banks behave accordingly to...
Elmentve itt :
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| Dokumentumtípus: | Könyv része |
| Megjelent: |
2014
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| Sorozat: | Crisis Management and the Changing Role of the State
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| Kulcsszavak: | Infláció, Pénzügyi politika |
| Online Access: | http://acta.bibl.u-szeged.hu/57515 |
| Tartalmi kivonat: | Inflation Targeting (IT) is one of the operational frameworks for monetary policy aimed at attaining price stability. Goodhart’s (2009) law states that any observed statistical regularity will tend to collapse once pressure is placed upon it for control purposes. Central banks behave accordingly to their monetary regime, which all have policy goals. In recent decades, there has been widespread interest in shifting from a discretion-based to a rules-based monetary policy frameworks. The inflation targeting regime has a wide pro and critical professional literature. We all know, that inflation is a serious disease, but the role of the anti-inflatory policy is questioned by several economists, who advise that the monetary policies might focus on unemployment rate or the increase of GDP. The questions raised in my paper that: Is IT an exclusive monetary regime? Is IT the most successful equipment to reach price stability? Are the central banks the one and only responsible actors regarding the inflation rate? I am focusing in the second part of my paper to the Hungarian monetary policy regimes. Does price stability should be the ultimate goal for a monetary framework in Hungary? I think this paper is actual, because in Hungary there has been inflation targeting monetary framework since 2001 due to what I suppose the international financial crisis hit the country more severe than it should. |
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| Terjedelem/Fizikai jellemzők: | 33-51 |
| ISBN: | 978-963-306-340-8 |