IV Conferencia Anual del Banco Central de Chile

10 Years of inflation targeting: Design, Performance, Challenges

Santiago, Chile, November 30 - December 1st, 2000

Inaugural Session

A Decade of Inflation Targeting in Chile: Developments, Lessons, and Challenges

Felipe MorandéChief Economist, Central Bank of Chile

Session 1. Inflation Targeting: Issues and Stylized Facts

Inflation targets in a global context

Gabriel SterneBank of England

One Decade of Inflation Targeting in the World: What Do We Know and What Do We Need To Know?

Frederic MishkinColumbia University

Klaus Schmidt-HebbelCentral Bank of Chile

Session 2. Assessing the Performance of Inflation Targeting

Does Inflation Targeting Make a Difference?

Vittorio CorboCatholic University of Chile

Óscar LanderretcheMIT

Klaus Schmidt-HebbelCentral Bank of Chile

Session 4. Implementing Inflation Targeting Schemes

Inflation Targeting and the Inflation Process: Some Lessons from an Open Economy

Guy DebelleReserve Bank of Australia

Jenny WilkinsonReserve Bank of Australia

Inflation Targeting in the Context of IMF-Supported Adjustment Programs

Mario BlejerInternational Monetary Fund

Alfredo LeoneInternational Monetary Fund

Pau RabanalInternational Monetary Fund

Gerd SchwartzInternational Monetary Fund

Session 5. Liquidity Traps, Crises, and Imperfect Credibility

Inflation Targeting and the Liquidity Trap

Bennett McCallumCarnegie Mellon University

A Critical View of Inflation Targeting: Crises, Imperfect Credibility, and Aggregate Shocks

Michael KumhofStanford University

Session 6. Case Studies

Some Lessons From Inflation Targeting in New Zealand

Aaron DrewReserve Bank of New Zealand

Inflation Targeting in Brazil

Joel BogdanskiCentral Bank of Brazil

Paulo Springer de FreitasCentral Bank of Brazil

Ilan GoldfajnCentral Bank of Brazil

Alexandre TombiniCentral Bank of Brazil

New Frontiers of Monetary Policy in Chile

Pablo GarcíaCentral Bank of Chile

Luis Oscar HerreraCentral Bank of Chile

Rodrigo ValdésMinistry of Finance, Chile