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Establishing Initial Conditions in Support of Inflation Targeting

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Author Info
Alina Carare
Andrea Schaechter
Mark R. Stone
Marc Zelmer

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Abstract

This paper provides some practical advice on establishing initial conditions in support of an inflation-targeting monetary framework. These conditions are divided into four areas: a mandate in support of an inflation objective and accountability for achieving this objective; macroeconomic stability; a sufficiently well-developed and stable financial system; and effective policy implementation tools. The measures taken by countries to meet these conditions are also reviewed.

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Publisher Info
Paper provided by International Monetary Fund in its series IMF Working Papers with number 02/102.

Download reference. The following formats are available: HTML, plain text, BibTeX, RIS (EndNote), ReDIF
Length: 39 pages
Date of creation: 21 Jun 2002
Date of revision:
Handle: RePEc:imf:imfwpa:02/102

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Related research
Keywords: Inflation targeting Monetary policy Central banks

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  1. Alexander F. Tieman, 2004. "Interest Rate Pass-Through in Romania and other Central European Economies," IMF Working Papers 04/211, International Monetary Fund. [Downloadable!]
  2. Jorge Canales-Kriljenko & Turgut Kisinbay & Rodolfo Maino & Eric Parrado, 2006. "Setting the Operational Framework for Producing Inflation Forecasts," Working Papers Central Bank of Chile 362, Central Bank of Chile. [Downloadable!]
    Other versions:
  3. Dalia Hakura, 2005. "Are Emerging Market Countries Learning to Float?," IMF Working Papers 05/98, International Monetary Fund. [Downloadable!]
  4. Agustín Carstens, & Luis I. Jácome, 2005. "The 1990s Institutional Reform of Monetary Policy in Latin America," Working Papers Central Bank of Chile 343, Central Bank of Chile. [Downloadable!]
  5. Nicoletta Batini & Douglas Laxton, 2006. "Under What Conditions Can Inflation Targeting Be Adopted? The Experience of Emerging Markets," Working Papers Central Bank of Chile 406, Central Bank of Chile. [Downloadable!]
  6. Agustin Carstens & Luis I. Jacome H., 2005. "Latin American Central Bank Reform: Progress and Challenges," Macroeconomics 0509022, EconWPA. [Downloadable!]
  7. Scott Roger & Mark R. Stone, 2005. "On Target? The International Experience with Achieving Inflation Targets," IMF Working Papers 05/163, International Monetary Fund. [Downloadable!]
  8. Frömmel, Michael & Schobert, Franziska, 2003. "Nominal Anchors in EU Accession Countries - Recent Experiences," Diskussionspapiere der Wirtschaftswissenschaftlichen Fakultät der Universität Hannover dp-267, Universität Hannover, Wirtschaftswissenschaftliche Fakultät. [Downloadable!]
  9. Selim Elekdag & Nabil Ben Ltaifa & Todd Schneider & Saade Chami, 2007. "Can a Rule-Based Monetary Policy Framework Work in a Developing Country? The Case of Yemen," IMF Working Papers 07/6, International Monetary Fund. [Downloadable!]
  10. Mark R. Stone, 2003. "Inflation Targeting Lite," IMF Working Papers 03/12, International Monetary Fund. [Downloadable!]
  11. Anita Tuladhar, 2005. "Governance Structures and Decision-Making Roles in Inflation-Targeting Central Banks," IMF Working Papers 05/183, International Monetary Fund. [Downloadable!]
  12. Mohsin S. Khan, 2003. "Current Issues in the Design and Conduct of Monetary Policy," IMF Working Papers 03/56, International Monetary Fund. [Downloadable!]
  13. Madhavi Bokil & Axel Schimmelpfennig, 2005. "Three Attempts at Inflation Forecasting in Pakistan," IMF Working Papers 05/105, International Monetary Fund. [Downloadable!]
  14. Grand Nathalie & Dropsy Vincent, 2005. "Exchange Rate And Inflation Targeting In Morocco And Tunisia," Macroeconomics 0507018, EconWPA. [Downloadable!]
  15. Christopher J. Jarvis & Mark R. Stone & Alessandro Zanello & Andrew Berg, 2003. "Re-Establishing Credible Nominal Anchors After a Financial Crisis: A Review of Recent Experience," IMF Working Papers 03/76, International Monetary Fund. [Downloadable!]
  16. Agustin Carstens & Luis Ignacio Jácome H., 2005. "Latin American Central Bank Reform: Progress and Challenges," IMF Working Papers 05/114, International Monetary Fund. [Downloadable!]
  17. Marvin Goodfriend & Eswar Prasad, 2006. "A Framework for Independent Monetary Policy in China," IMF Working Papers 06/111, International Monetary Fund. [Downloadable!]
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  18. Gilda Fernandez & Cem Karacadag & Rupa Duttagupta, 2004. "From Fixed to Float: Operational Aspects of Moving Towards Exchange Rate Flexibility," IMF Working Papers 04/126, International Monetary Fund. [Downloadable!]
  19. Tomas Holub, 2004. "Foreign Exchange Interventions Under Inflation Targeting: The Czech Experience," Research and Policy Notes 2004/01, Czech National Bank, Research Department. [Downloadable!]
    Other versions:
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