-term interest rates exhibits a pattern of behaviorafter the adoption of the inflation target that differsmarkedly from the pattern … three inflation targeters we examine.[...] …

reduceoutput and unemployment fluctuations.[...] …

[...]In the case studies that follow, we will see that thedesign choices for an inflation-targeting regime fall …

examined inthis study. Indeed, as pointed out in Bernanke and Mishkin(1997), Germany might best be thought of as a “hybrid”inflation …

[...]Inflation targeting in New Zealand followed legislationthat mandated a Policy Targets Agreement (PTA)between the … elected government and the newlyindependent central bank, which resulted in a jointlydecided numerical target for inflation.[...] …

[...]Inflation targeting in Canada was not the result oflegislation. However, as in New Zealand, the inflationtarget in …

[...]Like the other countries examined, the United Kingdomadopted inflation targets after a successful disinflation …

practice inthe operation of an inflation-targeting regime. Where thedesign choices have differed, however, the experiences … publicannouncement of numerical targets for inflation has beenvery effective in balancing the needs for transparency andflexibility in …