Inflation Targeting: A New Framework for Monetary Policy?
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…
# Inflation Targeting: A New Framework for Monetary Policy?
> OpenAlex Metadata Hub · https://openalex.org/W2140138058
## Bibliographic
- **DOI:** 10.1257/jep.11.2.97
- **Year:** 1997
- **Citations:** 1223
- **Open Access:** No (closed)
- **License:** —
- **Source:** https://doi.org/10.1257/jep.11.2.97
## Authors
- Ben Bernanke
- Frederic S. Mishkin
## Abstract
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.
## Keywords
Monetary policy, Discretion, Inflation targeting, Economics, Inflation (cosmology), Macroeconomics, Monetary economics, Section (typography), Central bank, Keynesian economics, Political science, Business, Law
## Concepts
- Monetary policy
- Discretion
- Inflation targeting
- Economics
- Inflation (cosmology)
- Macroeconomics
- Monetary economics
- Section (typography)
- Central bank
- Keynesian economics
- Political science
- Business
- Law
- Theoretical physics
- Advertising
- Physics
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*Metadata only — full text not imported unless Open Access license permits.*
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Tóm lược học thuật (đã diễn giải): 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.
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Metadata DOI/OA chỉ là rail tham chiếu; nội dung chính là summary, takeaways và ứng dụng thị trường do Content Factory sinh.
1. 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.
2. They discuss the potential of the inflation-targeting approach for making monetary policy more coherent and transparent and for increasing monetary policy discipline.
3. The authors' final section addresses some additional practical issues raised by this approach.
Trader nên nối luận điểm policy/lãi suất trong tài liệu với bias trung hạn của USD và các cặp major — đặc biệt quanh FOMC / dữ liệu CPI.
Với XAUUSD: kỳ vọng cắt lãi / USD yếu thường hỗ trợ vàng; hawkish surprise thường gây áp lực giảm — dùng khung này để đọc reaction sau tin, không đoán trước.
Góc Forex: đối chiếu kết luận bài với hành giá gần nhất và lịch tin impact cao trước khi vào lệnh.
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Trading: rút 1 bias hoặc 1 setup hypothesis từ Key Takeaways, test trên demo/journal trước khi live.
Risk: chuyển insight thành rule (max risk/trade, pause quanh tin, correlation USD–vàng) và gắn vào playbook.
