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1、CARLE.WALSHAccountability,Transparency,andInflationTargetingInflationtargetingregimesdefineaperformancemeasureforthecentralbank.Aregimethatplacesalarge(small)weightonachievingthetargetisanalogoustoahigh-(low-)poweredincentivescheme.High-poweredincentivestructurespromoteaccountabilitybutmaydistortstab
2、ilizationpolicy.Theoptimalpowerunderinflationtargetingisderivedunderperfectandimperfectinformation.Thefundamentaltrade-offbetweenaccountabil-ityandstabilizationdependsonthedegreeoftransparency,definedastheabilitytomonitorthecentralbank’sperformance.Multiplicativeuncertaintyincreasestheoptimalweightt
3、oplaceonachievinganinflationtarget.Duringthepastdecade,inflationtargetinghasgrowninpopularityamongcentralbankersandeconomists.WhileNewZealandwasoneofthefirstcountriestoadoptanexplicitinflationtargetingregime,itiscertainlynolongeralone.Canada,theCzechRepublic,Israel,Mexico,Sweden,andtheUKhavealladopted
4、someformofinflationtargeting,ashadFinlandandSpainpriortoenteringtheEuropeanMonetaryUnion.1Thetrendtowardsinflationtargetingbycentralbanks,aswellastheacademicinterestininflationtargeting,reflectstwothemes.Onetheme,thatofaccountability,hasstressedtheneedtosolvethecredibilityproblemsthatcanarisewhenpolic
5、yisdeterminedunderdiscretion.GeneralsolutionstotheaccountabilityproblemincludetheconservativecentralAnearlierversionofthispaperwaspreparedforaworkshoponmonetarypolicyheldattheReserveBankofNewZealandandwaspartiallysupportedbyagrantfromtheNationalScienceFoundation.Iwouldliketothanktheeditorandrefere
6、es,participantsattheRBNZworkshop,thoseataworkshoponpoliticaleconomyatUCLA,HenrikJensen,AlinaCarare,ØisteinRøisland,andseminarparticipantsattheBankofSpain,theNorgesBank,andattheUniversitiesofSouthampton,Stanford,andWarwickforhelpfulcommentsanddiscussion.Anyopinionsexpressedarethoseoftheauthorandnot
7、necessarilythoseoftheFederalReserveBankofSanFranciscoortheFederalReserveSystem.CarlE.WalshisaprofessorattheDepartmentofEconomics,UniversityofCalifornia,SantaCruz,andisaffiliatedwiththeFederalReserveBankofSanFranci
