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RBA Glossary definition for inflation target

inflation target – A tool to guide monetary policy expressed as a preferred range or figure for the rate of increase in prices over a period. In Australia, the inflation target is between 2 and 3 per cent per annum on average over the course of the business cycle.

RBA Glossary definition for inflation

inflation – A measure of the change (increase) in the general level of prices.

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Long-run Inflation Targets

1 Jul 1998 RDP 9806
Laurence Ball
Download the Paper 139. KB. This section presents the good news about inflation targets. ... In practice, countries with inflation targets do not formally adjust for exchange rates in the way suggested here.
https://www.rba.gov.au/publications/rdp/1998/1998-06/long-run-inflation-targets.html

The Perils of Inflation Targeting

1 Jul 1998 RDP 9806
Laurence Ball
Download the Paper 139. KB. This section turns from instrument rules to target rules, specifically inflation targets. ... 2. = 0 in all periods. Thus a strict inflation target is one policy that satisfies Equation (11).
https://www.rba.gov.au/publications/rdp/1998/1998-06/perils-of-inflation-targeting.html

Policy Rules for Open Economies

1 Jul 1998 RDP 9806
Laurence Ball
Research Discussion Paper – RDP 9806 Policy Rules for Open Economies. Laurence Ball. July 1998. 139. KB. This paper draws on research conducted while the author was visiting the Reserve Bank of Australia, and was presented at the NBER Conference
https://www.rba.gov.au/publications/rdp/1998/1998-06/

Introduction

1 Jul 1998 RDP 9806
Laurence Ball
These views are supported by the theoretical models of Svensson (1997a) and Ball (1997), in which the optimal policies are versions of inflation targets and Taylor rules. ... The short answer is they change quite a bit. In open economies, inflation
https://www.rba.gov.au/publications/rdp/1998/1998-06/introduction.html

References

1 Jul 1998 RDP 9806
Laurence Ball
5952. Black, R., T. Macklem and D. Rose (1997), ‘On Policy Rules for Price Stability’, paper presented at the Bank of Canada conference, Price Stability, Inflation Targets and Monetary Policy, ... Svensson, L.E.O. (1997a), ‘Inflation Forecast
https://www.rba.gov.au/publications/rdp/1998/1998-06/references.html

Conclusion

1 Jul 1998 RDP 9806
Laurence Ball
As a target variable, policy-makers should use ‘long-run inflation’ – an inflation variable purged of the transitory effects of exchange-rate fluctuations. ... It might be desirable, however, to make long-run inflation the formal target variable.
https://www.rba.gov.au/publications/rdp/1998/1998-06/conclusion.html

Appendix B: The Variances of Output and Inflation

1 Jul 1998 RDP 9806
Laurence Ball
RDP 9806: Policy Rules for Open Economies Appendix B: The Variances of Output and Inflation. ... Download the Paper 139. KB. Here, I describe the computation of the variances of output and inflation under alternative policies.
https://www.rba.gov.au/publications/rdp/1998/1998-06/appendix-b.html