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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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Monetary Policy Goals for Inflation in Australia

1 Mar 1995 RDP 9503
Guy Debelle and Glenn Stevens
Research Discussion Papers contain the results of economic research within the Reserve Bank
https://www.rba.gov.au/publications/rdp/1995/9503.html

Introduction

1 Mar 1995 RDP 9503
Guy Debelle and Glenn Stevens
rate targets, there is a relative paucity of academic literature on operating monetary policy with explicit inflation targets. ... Since in many instances the announcement of inflation targets is a relatively recent phenomenon, and no country has yet
https://www.rba.gov.au/publications/rdp/1995/9503/introduction.html

Conclusion

1 Mar 1995 RDP 9503
Guy Debelle and Glenn Stevens
tendency for inflation of between 2 and 3 per cent over the long run. ... If the experience of other countries, with somewhat more stringent inflation targets in many instances, continues to be a relatively successful one in the 1990s, these views would
https://www.rba.gov.au/publications/rdp/1995/9503/conclusion.html

A Framework

1 Mar 1995 RDP 9503
Guy Debelle and Glenn Stevens
The results are also particularly vulnerable, inevitably, to the Lucas critique: if over time, the regime of inflation targets becomes more credible, one would expect the parameters of the two equations ... Footnotes. The results do not depend on the
https://www.rba.gov.au/publications/rdp/1995/9503/framework.html

Issues in Formulating an Inflation Objective

1 Mar 1995 RDP 9503
Guy Debelle and Glenn Stevens
Success of the present policy strategy in securing some years of experience with quite low inflation, and the experience of other countries in pursuing inflation targets of various kinds, would leave ... where b is its estimate of? The central bank wants
https://www.rba.gov.au/publications/rdp/1995/9503/issues-in-formulating-an-inflation-objective.html

The Inflation Objective in Australia

1 Mar 1995 RDP 9503
Guy Debelle and Glenn Stevens
small. The “2–3” should be interpreted as a broad central tendency for inflation, a “thick point”, rather than as a narrow “target band”, in the usual sense of that term. ... In contrast to some other countries, which announced targets
https://www.rba.gov.au/publications/rdp/1995/9503/inflation-objective-in-australia.html