The rise of inflation targeting.
This paper discusses the interactions between politics and economic ideas leading to the adoption of inflation targeting in the United States. In the gold standard era, farmers' vulnerability to falling prices made price‐level stabilization a salient political and social concern. Economists of the p...
| Publicado en: | Southern Economic Journal Vol. 91; no. 4; pp. 1229 - 1247 |
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| Formato: | Artículo |
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Wiley-Blackwell
Apr2025
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=184518941&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 184518941 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00384038 SEJ jtl: Southern Economic Journal issn: 00384038 maglogo: N pubinfo: dt: Apr2025 vid: 91 iid: 4 pid: 480 pub: Wiley-Blackwell artinfo: ui: 184518941 10.1002/soej.12715 ppf: 1229 ppct: 18 formats: fmt: – @attributes: type: T – @attributes: type: C – @attributes: type: P size: 2MB tig: atl: The rise of inflation targeting. aug: au: Binder, Carola affil: School of Civic Leadership, University of Texas at Austin, Austin Texas, , USA su: United States United States. Congress Price inflation Trust Political science Economic policy Inflation targeting Monetary policy Price regulation Government accountability sug: subj: Price inflation Trust Political science Economic policy United States United States. Congress Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors Legislative Bodies Inflation targeting Monetary policy Price regulation Government accountability keyword: federal reserve inflation inflation targeting Irving Fisher monetary policy rules versus discretion federal reserve inflation inflation targeting Irving Fisher monetary policy rules versus discretion ab: This paper discusses the interactions between politics and economic ideas leading to the adoption of inflation targeting in the United States. In the gold standard era, farmers' vulnerability to falling prices made price‐level stabilization a salient political and social concern. Economists of the progressive era honed in on price‐level stabilization as a key to promoting prosperity and social justice. Irving Fisher, in alliance with farm interests, helped members of Congress introduce price‐level stabilization bills that, while unsuccessful, introduced the possibility that a price‐level stabilization mandate might be a viable alternative to a gold standard. In the postwar years, the Great Inflation and Volcker disinflation set the stage for the rise of inflation targeting by highlighting the benefits of credibility, transparency, and expectations management. Tensions inherent in the implementation of inflation targeting—including its position in the "rules versus discretion" debate—have become more pronounced since the post‐COVID run‐up in inflation. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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