Is inflation targeting dead? Central Banking After the Crisis

Lucrezia Reichlin, Richard Baldwin 14 April 2013

Inflation targeting did not prevent financial instability before the Crisis nor did it provide sufficient stimulus after the Crisis. In this eBook, 14 world-renowned scholars, practitioners and market participants analyse inflation targeting and its future. They argue that inflation targeting should be refined not replaced. Indeed, it is needed now more than ever to keep expectations anchored while the advanced economies work their way through today’s slow growth, rickety banks, and over-indebted public sectors.

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Foreword
Viv Davies

Introduction
Lucrezia Reichlin and Richard Baldwin

Who killed the inflation target?
Lorenzo Bini Smaghi

Is inflation targeting passé?
Stefan Gerlach

Monetary targetry: Might Carney make a difference?
Charles A.E. Goodhart, Melanie Baker and Jonathan Ashworth

Is inflation targeting dead?
Ben Broadbent

Cheap talk is no alternative to inflation targeting
Adam S. Posen

The evolution of modern central banking: What happens next?
Mohamed A El-Erian

Inflation targeting: Fix it, don’t scrap it
Michael Woodford

Nominal-GDP targets, without losing the inflation anchor
Jeffrey Frankel

Reviving ‘money and banking’
Markus Brunnermeier and Yuliy Sannikov

A broader mandate: Why inflation targeting is inadequate
Karl Whelan

Flexible inflation targeting: Performance and challenges
Ryan Banerjee, Stephen Cecchetti and Boris Hofmann

Will central banking change?
Charles Wyplosz

Central banking after the Crisis: Challenges for the ECB
Huw Pill

Challenges to inflation targeting after the Crisis
Lucrezia Reichlin

Lucrezia Reichlin

Professor of Economics, London Business School; CEPR Research Fellow and trustee; IFRS Foundation trustee (chair steering committee sustainability reporting); Fellow of the British Academy; Fellow of the Econometric Society

Richard Baldwin

Professor of International Economics at The Graduate Institute, Geneva; Founder & Editor-in-Chief of VoxEU.org; exPresident of CEPR

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