Таргетування інфляції в системі монетарних режимів центральних банків: ретроспективний огляд

Abstract

The article is aimed at defining the place of inflation targeting in the system of monetary regimes of central banks and outlining its main characteristics in the process of historical development. Financial stability, as the main mandate of central banks, is ensured within different monetary regimes that historically change along with general changes in the type of monetary system as such. Within each monetary regime, central banks are endowed with their own monetary-credit regulation instrumentarium. Inflation targeting, which is currently the relevant dominant type of monetary regime of central banks, is characterized by its own approach to ensuring financial stability and by an appropriate instrumentarium. The article analyzes the monetary regimes of central banks, features of inflation targeting as a regime of monetary policy of central banks and identifies the basis for modernization of the monetary policy framework as a succession of the crisis of 2007–2008. As result of the study, it is determined that inflation targeting is a monetary regime of central banks, which orients monetary-credit policy towards ensuring the long-term inflation rate within the ranges declared by central banks. Inflation targeting, together with the classical gold standard system, historically provides confidence in central banks’ monetary policy and stable inflation expectations of economic actors. After the crisis of 2007–2008, the framework of monetary policy focused on inflation targeting has not changed significantly, refocusing the attention of monetary institutions on macroprudential supervision.