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The future of central bank frameworks

Summary:
Inflation targeting has come of age. From this week’s Barclays Equity Gilt Study:Monetary-policy regimes have changed over time. Inflation targeting (IT), which was ‘born’ in 1990, will soon have reached a lifespan associated with other historical monetary-policy regimes: the Gold Standard (1870s-1914) and the Bretton Woods system (1948-1973), as well as the periods between wars (1919-1939) and between Bretton Woods and IT (1973- 1990s), when no single policy framework dominated.Just as past data are not always a good guide to future performance, so the lifespan of past globally dominant monetary regimes is not always a good guide to when the current arrangement will give way. But the Barclays analysts also point out that central banks have “evolved since the Global Financial Crisis, and

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Inflation targeting has come of age. From this week’s Barclays Equity Gilt...

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