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Inflation Targeting in the Context of IMF-Supported Adjustment Programs

Author/Editor: Bléjer, Mario I. | Leone, Alfredo Mario | Schwartz, Gerd | Rabanal, Pau
Authorized for Distribution: March 1, 2001
Electronic Access: Free Full Text (PDF file size is 938KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.

Summary: This paper argues that the IMF's traditional monetary conditionality-a ceiling on net domestic assets of the central bank and a floor on its net international reserves-should be adapted in IMF-supported adjustment programs with countries which have a framework of explicit inflation targets for the implementation of monetary policy. This adaptation should aim at enhancing correspondence and consistency between the monetary objectives of the central bank and the targets established under the IMF-supported adjustment program, as well as between the different instruments used to achieve the policy objectives and targets. The paper reviews various general options in this regard, and, using the case of Brazil as an example, demonstrates how these options may be implemented in practice.
 
Series: Working Paper No. 01/31
Subject(s): Inflation targeting | Brazil | Monetary policy | Conditionality | Fund-supported adjustment programs
Author's keyword(s): Inflation targeting | monetary policy | monetary policy rules | Brazil
 
English  
    Published:   March 1, 2001        
    ISBN/ISSN:   1934-7073   Format:   Paper
    Stock No:   WPIEA0312001   Pages:   24
    Price:   US$15.00
       
     
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