{"id":"https://openalex.org/W2160706809","doi":null,"title":"INFLATION TARGETING AND THE ROLE OF REAL OBJECTIVES","display_name":"INFLATION TARGETING AND THE ROLE OF REAL OBJECTIVES","publication_year":2007,"publication_date":"2007-12-01","ids":{"openalex":"https://openalex.org/W2160706809","mag":"2160706809"},"language":"en","primary_location":{"id":"pmh:oai:RePEc:cnb:rpnrpn:2007/02","doi":null,"is_oa":false,"landing_page_url":"https://www.cnb.cz/export/sites/cnb/en/economic-research/.galleries/research_publications/irpn/download/rpn_2_2007.pdf","pdf_url":"https://www.cnb.cz/export/sites/cnb/en/economic-research/.galleries/research_publications/irpn/download/rpn_2_2007.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},"volume":null,"type":"preprint","is_traditional":true,"indexed_in":[],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://invenio.nusl.cz/record/124073/files/nusl-124073_1.pdf","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5072319645","display_name":"Carl E. Walsh","orcid":"https://orcid.org/0000-0002-3295-9203","observed_orcids":["https://orcid.org/0000-0002-3295-9203"]},"institutions":[{"id":"https://openalex.org/I185103710","display_name":"University of California, Santa Cruz","ror":"https://ror.org/03s65by71","country_code":"US","type":"education","lineage":["https://openalex.org/I185103710"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Carl E. Walsh","raw_affiliation_strings":["UNIVERSITY OF CALIFORNIA (SANTA CRUZ)"],"raw_orcid":"https://orcid.org/0000-0002-3295-9203","affiliations":[{"raw_affiliation_string":"UNIVERSITY OF CALIFORNIA (SANTA CRUZ)","institution_ids":["https://openalex.org/I185103710"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5072319645"],"corresponding_institution_ids":["https://openalex.org/I185103710"],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":true,"cited_by_count":3,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":"14","issue":"2","first_page":"5","last_page":"36"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9990000128746033,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9990000128746033,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.000699999975040555,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T14166","display_name":"European Monetary and Fiscal Policies","score":9.999999747378752e-05,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/inflation-targeting","display_name":"inflation targeting","score":0.9990000128746033},{"id":"https://openalex.org/keywords/central-bank-objectives","display_name":"central bank objectives","score":0.7310000061988831},{"id":"https://openalex.org/keywords/central-bank-transparency","display_name":"central bank transparency","score":0.871999979019165},{"id":"https://openalex.org/keywords/optimal-monetary-policy","display_name":"optimal monetary policy","score":0.8889999985694885},{"id":"https://openalex.org/keywords/social-welfare-welfare-economics","display_name":"social welfare (welfare economics)","score":0.6919999718666077},{"id":"https://openalex.org/keywords/imperfect-monitoring","display_name":"imperfect monitoring","score":0.925000011920929},{"id":"https://openalex.org/keywords/accountability","display_name":"accountability","score":0.8209999799728394},{"id":"https://openalex.org/keywords/information-asymmetry","display_name":"information asymmetry","score":0.9470000267028809}],"concepts":[{"id":"https://openalex.org/C2780233690","wikidata":"https://www.wikidata.org/wiki/Q535347","display_name":"Transparency (behavior)","level":2,"score":0.7694875001907349},{"id":"https://openalex.org/C2776007630","wikidata":"https://www.wikidata.org/wiki/Q2798912","display_name":"Accountability","level":2,"score":0.7553437948226929},{"id":"https://openalex.org/C185824701","wikidata":"https://www.wikidata.org/wiki/Q1193759","display_name":"Inflation targeting","level":3,"score":0.7419643998146057},{"id":"https://openalex.org/C126285488","wikidata":"https://www.wikidata.org/wiki/Q178476","display_name":"Monetary policy","level":2,"score":0.7388821840286255},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.6370494961738586},{"id":"https://openalex.org/C2992735868","wikidata":"https://www.wikidata.org/wiki/Q66344","display_name":"Central bank","level":3,"score":0.6286057829856873},{"id":"https://openalex.org/C200941418","wikidata":"https://www.wikidata.org/wiki/Q273508","display_name":"Inflation (cosmology)","level":2,"score":0.4961014688014984},{"id":"https://openalex.org/C2780598303","wikidata":"https://www.wikidata.org/wiki/Q65921492","display_name":"Flexibility (engineering)","level":2,"score":0.4777352213859558},{"id":"https://openalex.org/C2780310539","wikidata":"https://www.wikidata.org/wiki/Q12547192","display_name":"Imperfect","level":2,"score":0.47133612632751465},{"id":"https://openalex.org/C7991579","wikidata":"https://www.wikidata.org/wiki/Q17955","display_name":"Criticism","level":2,"score":0.4524959921836853},{"id":"https://openalex.org/C100001284","wikidata":"https://www.wikidata.org/wiki/Q2248246","display_name":"Public economics","level":1,"score":0.4378047287464142},{"id":"https://openalex.org/C100243477","wikidata":"https://www.wikidata.org/wiki/Q12002092","display_name":"Welfare","level":2,"score":0.4312480390071869},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.38163426518440247},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.17153379321098328},{"id":"https://openalex.org/C34447519","wikidata":"https://www.wikidata.org/wiki/Q179522","display_name":"Market economy","level":1,"score":0.0862216055393219},{"id":"https://openalex.org/C33332235","wikidata":"https://www.wikidata.org/wiki/Q18362","display_name":"Theoretical physics","level":1,"score":0.0},{"id":"https://openalex.org/C41895202","wikidata":"https://www.wikidata.org/wiki/Q8162","display_name":"Linguistics","level":1,"score":0.0},{"id":"https://openalex.org/C187736073","wikidata":"https://www.wikidata.org/wiki/Q2920921","display_name":"Management","level":1,"score":0.0},{"id":"https://openalex.org/C121332964","wikidata":"https://www.wikidata.org/wiki/Q413","display_name":"Physics","level":0,"score":0.0},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0}],"mesh":[],"locations_count":5,"locations":[{"id":"pmh:oai:RePEc:cnb:rpnrpn:2007/02","doi":null,"is_oa":false,"landing_page_url":"https://www.cnb.cz/export/sites/cnb/en/economic-research/.galleries/research_publications/irpn/download/rpn_2_2007.pdf","pdf_url":"https://www.cnb.cz/export/sites/cnb/en/economic-research/.galleries/research_publications/irpn/download/rpn_2_2007.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"pmh:oai:invenio.nusl.cz:124073","doi":null,"is_oa":true,"landing_page_url":"http://www.nusl.cz/ntk/nusl-124073","pdf_url":"https://invenio.nusl.cz/record/124073/files/nusl-124073_1.pdf","source":{"id":"https://openalex.org/S4306402266","display_name":"Digital Repository (National Repository of Grey Literature)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I79620101","host_organization_name":"University of Arkansas for Medical Sciences","host_organization_lineage":["https://openalex.org/I79620101"],"host_organization_lineage_names":[],"type":"repository"},"license":"other-oa","license_id":"https://openalex.org/licenses/other-oa","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"info:eu-repo/semantics/other"},{"id":"mag:2160706809","doi":null,"is_oa":true,"landing_page_url":"https://dialnet.unirioja.es/descarga/articulo/3184400.pdf","pdf_url":null,"source":{"id":"https://openalex.org/S4210185312","display_name":"Revista de Econom\u00eda Facultad de Econom\u00eda Universidad Aut\u00f3noma de Yucat\u00e1n","issn_l":"2395-8715","issn":["2395-8715"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["cwts-core","doaj","latindex","scielo"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Revista de Econom\u00eda Facultad de Econom\u00eda Universidad Aut\u00f3noma de Yucat\u00e1n","raw_type":null},{"id":"mag:3122668842","doi":null,"is_oa":false,"landing_page_url":"http://EconPapers.repec.org/RePEc:cnb:rpnrpn:2007/02","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"RePEc: Research Papers in Economics","raw_type":null},{"id":"pmh:oai:dialnet.unirioja.es:ART0000345796","doi":null,"is_oa":false,"landing_page_url":"https://dialnet.unirioja.es/servlet/oaiart?codigo=3184400","pdf_url":null,"source":{"id":"https://openalex.org/S4306401293","display_name":"Dialnet (Universidad de la Rioja)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I168974976","host_organization_name":"Universidad de La Rioja","host_organization_lineage":["https://openalex.org/I168974976"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Revista de econom\u00eda, ISSN 0797-5546, Vol. 14, N\u00ba. 2, 2007, pags. 5-36","raw_type":"text (article)"}],"best_oa_location":{"id":"pmh:oai:invenio.nusl.cz:124073","doi":null,"is_oa":true,"landing_page_url":"http://www.nusl.cz/ntk/nusl-124073","pdf_url":"https://invenio.nusl.cz/record/124073/files/nusl-124073_1.pdf","source":{"id":"https://openalex.org/S4306402266","display_name":"Digital Repository (National Repository of Grey Literature)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I79620101","host_organization_name":"University of Arkansas for Medical Sciences","host_organization_lineage":["https://openalex.org/I79620101"],"host_organization_lineage_names":[],"type":"repository"},"license":"other-oa","license_id":"https://openalex.org/licenses/other-oa","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"info:eu-repo/semantics/other"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[{"id":"https://openalex.org/F4320322149","display_name":"Banca d'Italia","ror":"https://ror.org/03v2nbx43"}],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W2160706809.pdf","grobid_xml":"https://content.openalex.org/works/W2160706809.grobid-xml"},"referenced_works_count":72,"referenced_works":["https://openalex.org/W26602614","https://openalex.org/W144357744","https://openalex.org/W226299371","https://openalex.org/W1488753444","https://openalex.org/W1499239314","https://openalex.org/W1551420345","https://openalex.org/W1553579794","https://openalex.org/W1574839136","https://openalex.org/W1575483008","https://openalex.org/W1604952460","https://openalex.org/W1885438806","https://openalex.org/W1976140283","https://openalex.org/W1977303784","https://openalex.org/W1978347622","https://openalex.org/W1985847475","https://openalex.org/W1986541860","https://openalex.org/W1989709755","https://openalex.org/W1991370514","https://openalex.org/W1991865067","https://openalex.org/W1997563477","https://openalex.org/W2003451358","https://openalex.org/W2025823513","https://openalex.org/W2038964590","https://openalex.org/W2045843512","https://openalex.org/W2051269286","https://openalex.org/W2052975629","https://openalex.org/W2055022672","https://openalex.org/W2064411826","https://openalex.org/W2071839672","https://openalex.org/W2084663935","https://openalex.org/W2097119464","https://openalex.org/W2108910241","https://openalex.org/W2110407564","https://openalex.org/W2117171432","https://openalex.org/W2122859564","https://openalex.org/W2123907200","https://openalex.org/W2124933627","https://openalex.org/W2127610253","https://openalex.org/W2128051034","https://openalex.org/W2157667389","https://openalex.org/W2158438518","https://openalex.org/W2169517485","https://openalex.org/W2184291688","https://openalex.org/W2256680958","https://openalex.org/W2274104245","https://openalex.org/W2334373848","https://openalex.org/W2890450911","https://openalex.org/W3121188576","https://openalex.org/W3121304385","https://openalex.org/W3121399440","https://openalex.org/W3121424497","https://openalex.org/W3121496090","https://openalex.org/W3121518537","https://openalex.org/W3121767846","https://openalex.org/W3121891291","https://openalex.org/W3122501843","https://openalex.org/W3122696655","https://openalex.org/W3122827962","https://openalex.org/W3122866758","https://openalex.org/W3122991605","https://openalex.org/W3123400376","https://openalex.org/W3124132071","https://openalex.org/W3124315434","https://openalex.org/W3124699338","https://openalex.org/W3124902053","https://openalex.org/W3124951022","https://openalex.org/W3125135614","https://openalex.org/W3125142578","https://openalex.org/W3125450854","https://openalex.org/W3150796048","https://openalex.org/W3151909268","https://openalex.org/W4299482508"],"related_works":["https://openalex.org/W7098078679","https://openalex.org/W2182131018","https://openalex.org/W7100698063","https://openalex.org/W7098086296","https://openalex.org/W7098026497","https://openalex.org/W2892249770","https://openalex.org/W7095388906","https://openalex.org/W86206724","https://openalex.org/W1507827749","https://openalex.org/W3121203343"],"abstract_inverted_index":{"In":[0],"this":[1,113],"paper,":[2],"I":[3,56,75,85,147],"focus":[4,76,149],"on":[5,42,77,150],"two":[6,151],"aspects":[7],"of":[8,31,69,106,136],"central":[9,49,81,98,128,138],"banking":[10],"\u00e2\u00e2\u201a\u00ac\u00e2\u20ac\u0153":[11,15],"flexibility":[12],"and":[13,146,159],"transparency":[14],"that":[16,45],"have":[17],"been":[18],"affected":[19],"by":[20],"monetary":[21,71],"policy":[22],"debates":[23],"over":[24],"the":[25,37,43,61,67,80,89,93,104,107,117,123,127,134,161],"past":[26],"twenty":[27],"years.":[28],"Because":[29],"criticism":[30],"inflation":[32,47],"targeting,":[33],"at":[34],"least":[35],"in":[36,66,92],"United":[38],"States,":[39],"often":[40],"focuses":[41],"claim":[44],"an":[46],"targeting":[48],"bank":[50,82,99,139],"may":[51],"ignore":[52],"real":[53,63],"economic":[54],"fluctuations,":[55],"direct":[57],"my":[58],"comments":[59],"to":[60,96,126,156],"role":[62],"objectives":[64,100,135],"play":[65],"design":[68],"optimal":[70],"policy.":[72],"That":[73],"is,":[74],"how":[78],"flexible":[79],"should":[83],"be.":[84],"argue":[86],"that,":[87],"while":[88],"recent":[90],"trend":[91],"academic":[94],"literature":[95],"view":[97],"as":[101],"derived":[102],"from":[103,143,164],"welfare":[105],"representative":[108],"agent":[109],"can":[110],"be":[111],"insightful,":[112],"perspective":[114],"is":[115],"not":[116],"only":[118],"one":[119,154],"for":[120],"thinking":[121],"about":[122],"goals":[124],"assigned":[125],"bank.":[129],"There":[130],"are":[131],"reasons":[132],"why":[133],"a":[137],"should,":[140],"potentially,":[141],"deviate":[142],"social":[144],"welfare,":[145],"will":[148],"such":[152],"reasons;":[153],"related":[155],"imperfect":[157],"monitoring":[158],"accountability,":[160],"other":[162],"arising":[163],"asymmetric":[165],"information.":[166]},"counts_by_year":[{"year":2014,"cited_by_count":2}],"updated_date":"2026-11-04T10:54:05.112534","created_date":"2016-06-24T00:00:00"}