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Inflation Targeting in the Context of IMF-Supported Adjustment Programs

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  • Mario I. Blejer
  • Alfredo M. Leone
  • Pau Rabanal
  • Gerd Schwartz

Abstract

This paper analyzes how an inflation targeting regimes relate with the conditioning established in the IMF assistance programs, and, in particular, with its inclusion within the performance criteria associated with that conditioning. The paper analyzes the Brazil's case, the first country in an IMF program to adopt an inflation target, and the lessons that can be derived from this experience. In its last section, we evaluate the idea of using Taylor rules to assess the inflationary performance. Simulations generated by the rule produces are not very similar to the effective policy rates, although differences diminish when expected inflation replaces current inflation within the rule.

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Bibliographic Info

Paper provided by Central Bank of Chile in its series Working Papers Central Bank of Chile with number 116.

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Date of creation: Nov 2001
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Handle: RePEc:chb:bcchwp:116

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Cited by:
  1. Toprak, Metin, 2001. "Yükselen Piyasalarda Finansal Kriz
    [Financial Crises in Emerging Markets]
    ," MPRA Paper 9092, University Library of Munich, Germany, revised 2001.
  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. James Heintz & Gerald Epstein, 2006. "Monetary Policy and Financial Sector Reform For Employment Creation and Poverty Reduction in Ghana," Working Papers wp113, Political Economy Research Institute, University of Massachusetts at Amherst.
  4. William R. Cline, 2003. "Restoring economic growth in Argentina," Policy Research Working Paper Series 3158, The World Bank.
  5. James M. Boughton, 2004. "The IMF and the force of History," IMF Working Papers 04/75, International Monetary Fund.
  6. Epstein, Gerald & Heintz, James & Ndikumana, Léonce & Chang, Grace, 2010. "Employment, poverty and economic development in Madagascar : a macroeconomic framework," ILO Working Papers 455446, International Labour Organization.
  7. Brigitte Granville & Sushanta Mallick*, 2006. "Integrating poverty reduction in IMF-World Bank Models," Working Papers id:502, eSocialSciences.
  8. Gerald Epstein, 2009. "Rethinking Monetary and Financial Policy: Practical suggestions for monitoring financial stability while generating employment and poverty reduction," Published Studies ilo_epstein11_09, Political Economy Research Institute, University of Massachusetts at Amherst.
  9. Carlos José García & Jorge Enrique Restrepo, 2001. "Price Inflation and Exchange Rate Pass-Through in Chile," Working Papers Central Bank of Chile 128, Central Bank of Chile.
  10. Ilan Goldfajn & Poonam Gupta, 2001. "Overshootings and Reversals: The Role of Monetary Policy," Working Papers Central Bank of Chile 126, Central Bank of Chile.
  11. Eric Parrado & Andrés Velasco, 2002. "Alternative Monetary Rules in the Open Economy: A Welfare-Based Approach," Central Banking, Analysis, and Economic Policies Book Series, in: Norman Loayza & Raimundo Soto & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Series Editor) (ed.), Inflation Targeting: Desing, Performance, Challenges, edition 1, volume 5, chapter 7, pages 295-348 Central Bank of Chile.
  12. Victor, Olivo, 2007. "El Régimen de Metas de Inflación en Brasil: Breve Descripción y Evaluación de su Desempeño
    [Brazil's Inflation Targeting Regime: Brief Description and Evaluation of its Performance]
    ," MPRA Paper 41405, University Library of Munich, Germany.
  13. Douglas Laxton & Andrew Berg & Philippe D Karam, 2006. "A Practical Model-Based Approach to Monetary Policy Analysis: Overview," IMF Working Papers 06/80, International Monetary Fund.
  14. Easterly, William, 2006. "An identity crisis? Examining IMF financial programming," World Development, Elsevier, vol. 34(6), pages 964-980, June.
  15. John Hawkins, 2005. "Globalisation and monetary operations in emerging economies," BIS Papers chapters, in: Bank for International Settlements (ed.), Globalisation and monetary policy in emerging markets, volume 23, pages 59-80 Bank for International Settlements.
  16. Tony Cavoli & Ramkishen S. Rajan, 2006. "Inflation Targeting Arrangements in Asia: Exploring the Role of the Exchange Rate," SCAPE Policy Research Working Paper Series 0603, National University of Singapore, Department of Economics, SCAPE.
  17. Epstein, Gerald, 2009. "Rethinking monetary and financial policy : practical suggestions for monitoring financial stability while generating employment and poverty reduction," ILO Working Papers 434439, International Labour Organization.
  18. Gerald Epstein & James Heintz & Léonce Ndikumana & Grace Chang, 2011. "Employment, Poverty and Economic Development in Madagascar," Published Studies ndikumana_ilo2010, Political Economy Research Institute, University of Massachusetts at Amherst.
  19. Gerald Epstein & James Heintz, 2006. "Monetary Policy and Financial Sector Reform for Employment Creation and Poverty Reduction in Ghana," Country Study 2, International Policy Centre for Inclusive Growth.
  20. Dumitriu, Ramona & Stefanescu, Razvan, 2014. "Perspective ale ţintirii inflaţiei
    [Perspectives of the Inflation Targeting]
    ," MPRA Paper 52943, University Library of Munich, Germany, revised 14 Jan 2014.

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