Vol.5, No 1, 2008 pp. 39 - 49
UDC 338.23:336.74
FEATURES OF INFLATION TARGETING AS A TYPE OF MONETARY STRATEGY
Jadranka Đurović-Todorović, Marina Djordjević
Faculty of Economics, University of Niš, Serbia
Inflation targeting, at least in its best-practice form, consists of two parts: a policy framework of constrained discretion and a communication strategy that attempts to focus expectations and explain the policy framework to the public. Together, these two elements promote both price stability and well-anchored inflation expectations; the latter, in turn, facilitates more effective stabilization of output and employment. Thus, a well-conceived and well-executed strategy of inflation targeting can deliver good results with respect to output and employment as well as inflation. Although communication plays several important roles in inflation targeting, perhaps the most important is focusing and anchoring expectations. Clearly there are limits to what talk can achieve; ultimately, talk must be backed up by action, in the form of successful policies. Likewise, for a successful and credible central bank like the Federal Reserve, the immediate benefits of adopting a more explicit communication strategy may be modest. Nevertheless, making the investment now in greater transparency about the central bank's objectives, plans, and assessments of the economy could pay increasing dividends in the future. The aim of this paper is to analyse the main features of inflation targeting as a type of monetary policy regimes.
Key Words: Inflation targeting, Monetary strategy, Price stability
KARAKTERISTIKE TARGETIRANJA INFLACIJE KAO VRSTE MONETARNE STRATEGIJE
Najbolji primeri iz prakse pokazuju da se targetiranje inflacije sastoji iz dva dela: utvrđenog okvira monetarne politike i komunikacione strategije, čija se suština ogleda u fokusiranju na očekivanja i objašnjenju ciljeva monetarne politike širokoj javnosti. Zajedno ova dva elementa promovišu cenovnu stabilnost i precizna inflatorna očekivanja, što kasnije rezuzltira u značajnoj stabilizacije autputa i zaposlenosti. Prema tome, dobro osmišljena i dobro sprovedena strategija targetiranja inflacije može dati dobre rezultate, kako po pitanju autputa i zaposlednosti, tako i po pitanju inflacije.
Iako komuniciranje ima višestruku ulogu u targetiranju inflacije, možda je najvažnija fokusiranje i precizno utvrdjivanje inflatornih očekivanja. Krajnji limit je ono što se može ostvariti. Konačno, obećanja moraju biti praćena akcijom, u obliku uspešne monetarne politike. Takodje, za uspešnu i kredibilnu centralnu banku, kakva je Fed, neposredne i trenutne koristi od prihvatanja eksplicitnije komunikacione strategije mogle bi biti skromne. I pored toga, orijentacija na značajniju transparentnost ciljeva i planova centralne banke, kao i procene o budućem kretanju ekonomije mogu da rezultiraju u porastu dividendi u budućnosti.
Cilj ovog rada je da analizira ključne karakteristike targetiranja inflacije kao posebne vrste režima monetarne politike.
Ključne reči:  Targetiranje inflacije, monetarna strategija, stabilnost cena