Inflation Targeting in Practice

34 Pages Posted: 15 Feb 2006

Date Written: March 1997


In recent years, an inflation targeting framework for monetary policy has been adopted in a number of industrial countries. This paper discusses the practical issues that have arisen under the operation of the new framework, and highlights five features of the framework: the assignment of the target, the interaction with other policy goals, the definition of the target, accountability and the role of inflation forecasts. The economic performance of the inflation targeting countries thus far is summarized.

Keywords: Inflation Targeting, Monetary Policy Framework

JEL Classification: E52, E58

Suggested Citation

Debelle, Guy, Inflation Targeting in Practice (March 1997). IMF Working Paper No. 97/35, Available at SSRN:

Guy Debelle (Contact Author)

Reserve Bank of Australia ( email )

65, Martin Place
Sydney, NSW 2000

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