TY - BOOK ID - 96322951 TI - Inflation targeting and central banks : institutional set-ups and monetary policy effectiveness PY - 2022 SN - 9781000422641 100042264X 9781003189244 1003189245 9781000421897 1000421899 9781032038278 9781032038261 1032038276 1032038268 PB - Abingdon, Oxon ; New York, New York : Routledge Taylor & Francis Group, DB - UniCat KW - Monetary policy. KW - Banks and banking. KW - Inflation (Finance) KW - International finance. KW - Agricultural banks KW - Banking KW - Banking industry KW - Commercial banks KW - Depository institutions KW - Finance KW - Financial institutions KW - Money KW - International monetary system KW - International money KW - International economic relations KW - Natural rate of unemployment KW - Monetary management KW - Economic policy KW - Currency boards KW - Money supply KW - Monetary policy KW - Banks and banking KW - International finance UR - https://www.unicat.be/uniCat?func=search&query=sysid:96322951 AB - "Over the last three decades, inflation targeting (IT) has become the most popular monetary policy framework among larger economies. At the same time, its constituting features leave room for different interpretations, translating into various central banks' institutional set-ups. Against this backdrop, this book investigates the importance of institutional arrangements for policy outcomes. In particular, the book answers the question whether there are significant differences in IT central banks' institutional set-ups, and-if yes-whether they influence the ability of monetary authorities to meet their policy goals. The book examines around 70 aspects related to independence, accountability and transparency of 42 IT central banks over the last 30 years. Based on the analysis, it can be concluded that the quality of the institutional set-ups materially affects monetary policy effectiveness. In fact, a visible improvement of institutional arrangements resulting from pursuing an inflation targeting strategy can be treated as its lasting contribution to central banking. Thus, despite the recent critique of the framework, its prospects continue to be rather favourable. Overall, for the advocates of inflation targeting, the findings of the book can be seen as identifying the sources of IT strengths, while for IT opponents, they may be viewed as indicating which elements of IT institutional set-ups should be kept even if the need to replace this strategy with another regime will, indeed, result in a change. Given the role monetary policy plays within the economy, such knowledge may have significant implications. Therefore, the book will be relevant for different audiences, including scholars and researchers of monetary economics and monetary policy, and will be essential reading for central banks already pursuing an IT strategy or those preparing to adopt one"-- ER -