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Inflation Targeting and its Effects on Macroeconomic Performance

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  • Thorarinn G. Petursson
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    Abstract

    An increasing number of countries have adopted inflation targeting since New Zealand first adopted this framework in early 1990. Currently there are 21 countries using inflation targeting in every continent of the world. This paper discusses the characteristics of these countries and how the adoption of inflation targeting has affected their economic performance along several dimensions. The main conclusion is that inflation targeting has largely been a success. The new framework has made central banks, which previously lacked credibility, able to change the way they do monetary policy towards what is commonly considered best practice. In many respects they have even been leading in creating a new benchmark for how to formulate monetary policy.

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    This chapter was published in:

  • Thorarinn G. Petursson, 2005. "Inflation Targeting and its Effects on Macroeconomic Performance," SUERF Studies, SUERF - The European Money and Finance Forum, number 2005/5 edited by Morten Balling.
    This item is provided by SUERF - The European Money and Finance Forum in its series Chapters in SUERF Studies with number 38-1.

    Handle: RePEc:erf:erfssc:38-1

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    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Verónica Cohen Sabbán & Martín Gonzalez Rozada & Andrew Powell, 2003. "A New Test for the Success of Inflation Targeting," Business School Working Papers inflationtargeting, Universidad Torcuato Di Tella.
    2. Norman Loayza & Raimundo Soto, 2001. "Ten Years of Inflation Targeting: Design, Performance, Challenges," Working Papers Central Bank of Chile 131, Central Bank of Chile.
    3. Ricardo Brogi & Paolo Santella, 2004. "Two New Measures of Bankruptcy Efficiency," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum.
    4. Mishkin, Frederic S. & Savastano, Miguel A., 2001. "Monetary policy strategies for Latin America," Policy Research Working Paper Series 2685, The World Bank.
    5. Schmidt-Hebbel, Klaus & Tapia, Matias, 2002. "Inflation targeting in Chile," The North American Journal of Economics and Finance, Elsevier, vol. 13(2), pages 125-146, August.
    6. Marc Zelmer & Andrea Schaechter, 2000. "Adopting Inflation Targeting: Practical Issues for Emerging Market Countries," IMF Occasional Papers 202, International Monetary Fund.
    7. Edwin M. Truman, 2003. "Inflation Targeting in the World Economy," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 346.
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    Cited by:
    1. Heinz Handler, 2008. "From the Bancor to the Euro. And Further on to the Intor?," WIFO Working Papers 317, WIFO.
    2. Cesar R Sobrino, 2010. "The Effects of Inflation Targeting on the Current Account: An Empirical Examination," Economics Bulletin, AccessEcon, vol. 30(2), pages 1105-1112.
    3. Airaudo, Marco & Zanna, Luis-Felipe, 2012. "Interest rate rules, endogenous cycles, and chaotic dynamics in open economies," Journal of Economic Dynamics and Control, Elsevier, vol. 36(10), pages 1566-1584.

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