Inflation Targeting in Practice: Strategic and Operational Issues and Application to Emerging Market Economies

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Author/Editor:		Bléjer, Mario I. \| Ize, Alain \| Leone, Alfredo Mario \| Werlang, Sérgio Ribeiro da Costa
Published:	August 21, 2000
Electronic Access:		Free Full Text
Summary: A growing number of countries are anchoring their monetary policy through explicit inflation targeting. This policy has already scored remarkable successes in several countries, establishing central bank credibility, and reining in inflation where it had long been stubbornly high. But implementing inflation targets raises many difficult questions. What prerequisites must an economy and its institutions meet for the strategy to work? What choices should central banks make from the menu of possible variations on the basic approach? This book summarizes the discussions in a seminar at which economists and policymakers from ten countries reviewed their experiences with inflation targeting.

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Subject(s):		Inflation targeting
Notes:		The Central Bank of Brazil and the Monetary and Exchange Affairs Department of the International Monetary Fund held a seminar on inflation targeting in Rio de Janeiro on May 3-5, 1999. Its purpose was to analyze the experience to date of the countries that have been operating under an inflation targeting framework, and to identify and review the steps that Brazil should consider in adopting such a framework, to enhance the chances of its success. This volume gathers together the summaries of the presentations given at the seminar.

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