Inflation Targeting: A New Framework for Monetary Policy?
描述了工业化国家实施通胀目标制的实践，认为它是一种允许央行“有限自由裁量权”的宽泛政策框架，而非铁律规则，并探讨了其增强政策连贯性、透明度和纪律性的潜力。
In recent years, a number of industrialized countries have adopted a strategy for monetary policy known as ‘inflation targeting.’ The authors describe how this approach has been implemented in practice and argue that it is best understood as a broad framework for policy, which allows the central bank ‘constrained discretion,’ rather than as an ironclad policy rule in the Friedman sense. They discuss the potential of the inflation-targeting approach for making monetary policy more coherent and transparent and for increasing monetary policy discipline. The authors' final section addresses some additional practical issues raised by this approach.