This paper assesses the challenges that the lack of credibility poses for the implementation of inflation targeting, and for the design of inflation stabilization processes in emerging market economies. We also discuss the role that credibility has played in rationalizing the main elements of the disinflationary process in Chile during the 1990s and in explaining the grounds behind the monetary policy framework's changes in Chile at the end of the last decade. Copyright Blackwell Publishing Ltd. 2005
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Volume (Year): 8 (2005) Issue (Month): 3 (December) Pages: 545-575 Download reference. The following formats are available: HTML
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