Part VIII. Conclusions: What Have We Learned?

Our case studies indicate that both the adoption ofinflation targets and the design choices for thatframework have made a difference in the operationof monetary policy. The design choices of the targetingcountries have tended to converge over time withregard to the operational design questions posed in Part II,suggesting that a consensus is emerging on best practice inthe operation of an inflation-targeting regime. Where thedesign choices have differed, however, the experiences inthe countries examined provide some insight about whathas resulted from the different choices. In general, the publicannouncement of numerical targets for inflation has beenvery effective in balancing the needs for transparency andflexibility in monetary policy.[...]