Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/82535
Authors: 
Fromlet, Pia
Year of Publication: 
2013
Series/Report no.: 
Working Paper, Department of Economics, Uppsala University 2013:8
Abstract: 
In this paper, I investigate the monetary policy of five industrialized countries which have had explicit inflation targets for more than 15 years. Considering the case of discretionary policy as well as commitment, I estimate two first order conditions. The results support the theory of flexible inflation targeting under discretion for the United Kingdom. For New Zealand, the results under discretion suggests that monetary policymakers have been leaning with the wind rather than against the wind. The central banks of Canada, Sweden, and Australia have behaved in line with the theory of flexible inflation targeting under commitment.
Subjects: 
inflation targeting
optimal policy under discretion
optimal policy under commitment
JEL: 
E31
E52
E58
E61
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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