The University of Southampton
University of Southampton Institutional Repository

Inflation targeting as a way of pre-commitment

Herrendorf, Berthold (1998) Inflation targeting as a way of pre-commitment Oxford Economic Papers, 50, (3), pp. 431-448.

Record type: Article


This paper considers an institutional arrangement in which the government assigns a publicly-announced inflation target to an instrument-independent central bank, but retains the discretion to revise the inflation target after wages have been set. We argue that since this arrangement is transparent, it solves Canzonen's private information problem, ensures perfect monitoring of the government, and makes reputauonal forces more effective Cases are characterized in which, for this reason, inflation targeting mitigates the inflationary bias of monetary policy.

Full text not available from this repository.

More information

Published date: July 1998


Local EPrints ID: 33450
ISSN: 0030-7653
PURE UUID: e093980a-4887-4fd1-bfbf-6bba73571d4b

Catalogue record

Date deposited: 14 Dec 2007
Last modified: 17 Jul 2017 15:52

Export record


Author: Berthold Herrendorf

University divisions

Download statistics

Downloads from ePrints over the past year. Other digital versions may also be available to download e.g. from the publisher's website.

View more statistics

Atom RSS 1.0 RSS 2.0

Contact ePrints Soton:

ePrints Soton supports OAI 2.0 with a base URL of

This repository has been built using EPrints software, developed at the University of Southampton, but available to everyone to use.

We use cookies to ensure that we give you the best experience on our website. If you continue without changing your settings, we will assume that you are happy to receive cookies on the University of Southampton website.