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1、CARLE.WALSHAccountability,Transparency,andInflationTargetingInflationtargetingregimesdefineaperformancemeasureforthecentralbank.Aregimethatplacesalarge(small)weightonachievingthetargetisanalogoustoahigh-(low-)poweredincentivescheme.High-poweredincentivestructurespromoteac
2、countabilitybutmaydistortstabilizationpolicy.Theoptimalpowerunderinflationtargetingisderivedunderperfectandimperfectinformation.Thefundamentaltrade-offbetweenaccountabil-ityandstabilizationdependsonthedegreeoftransparency,definedastheabilitytomonitorthecentralbank’sperfo
3、rmance.Multiplicativeuncertaintyincreasestheoptimalweighttoplaceonachievinganinflationtarget.Duringthepastdecade,inflationtargetinghasgrowninpopularityamongcentralbankersandeconomists.WhileNewZealandwasoneofthefirstcountriestoadoptanexplicitinflationtargetingregime,itiscer
4、tainlynolongeralone.Canada,theCzechRepublic,Israel,Mexico,Sweden,andtheUKhavealladoptedsomeformofinflationtargeting,ashadFinlandandSpainpriortoenteringtheEuropeanMonetaryUnion.1Thetrendtowardsinflationtargetingbycentralbanks,aswellastheacademicinterestininflationtargeting
5、,reflectstwothemes.Onetheme,thatofaccountability,hasstressedtheneedtosolvethecredibilityproblemsthatcanarisewhenpolicyisdeterminedunderdiscretion.GeneralsolutionstotheaccountabilityproblemincludetheconservativecentralAnearlierversionofthispaperwaspreparedforaworkshoponm
6、onetarypolicyheldattheReserveBankofNewZealandandwaspartiallysupportedbyagrantfromtheNationalScienceFoundation.Iwouldliketothanktheeditorandreferees,participantsattheRBNZworkshop,thoseataworkshoponpoliticaleconomyatUCLA,HenrikJensen,AlinaCarare,ØisteinRøisland,andsemina
7、rparticipantsattheBankofSpain,theNorgesBank,andattheUniversitiesofSouthampton,Stanford,andWarwickforhelpfulcommentsanddiscussion.AnyopinionsexpressedarethoseoftheauthorandnotnecessarilythoseoftheFederalReserveBankofSanFranciscoortheFederalReserveSystem.CarlE.Walshisapr
8、ofessorattheDepartmentofEconomics,UniversityofCalifornia,SantaCruz,andisaffiliatedwiththeFederalReserveBankofSanFranci
