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Establishing Initial Conditions in Support of Inflation Targeting


Author Info

  • Marc Zelmer
  • Andrea Schaechter
  • Mark R. Stone
  • Alina Carare


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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Bibliographic Info

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

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Length: 39
Date of creation: 01 Jun 2002
Date of revision:
Handle: RePEc:imf:imfwpa:02/102

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Postal: International Monetary Fund, Washington, DC USA
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Keywords: Inflation targeting; inflation; monetary policy; central bank; inflation-targeting; inflation target; foreign exchange; monetary fund; financial stability; inflation forecasts; government securities; aggregate demand; monetary instruments; money market; inflation objective; monetary aggregate; monetary policy framework; transmission of monetary policy; monetary transmission; monetary framework; foreign currency; national bank; monetary conditions; price stability; money stock; high inflation; monetary frameworks; open market operations; monetary policy rules; monetary policy decisions; monetary aggregates; rates of inflation; monetary policy operations; liquidity management; inflation rates; monetary policies; forecasting inflation; monetary targeting; monetary control; monetary stance; monetary financing; low inflation; monetary management; monetary policy decision; macroeconomic stability; monetary policy objectives; inflation rate; money markets; monetary regime; inflation -targeting; monetary policy operating procedures; increase in interest rates; market for government securities; government security; inflationary expectations; lower inflation; long-term interest rates; monetary decisions; monetary transmission mechanism; monetary impact; discount rate; government securities markets; real exchange rates; monetary policy regime; monetary aggregate anchor; monetary target; demand for money; monetary policy instruments; monetary objectives; retail price index; monetary system; higher rates of inflation; treasury bonds; rate of inflation; monetary transmission mechanisms; inflation performance; inflation targeting framework; distribution of inflation; terms of trade; holdings of government securities; reserve requirements;


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  1. World Bank & International Monetory Fund, 2001. "Developing Government Bond Markets : A Handbook," World Bank Publications, The World Bank, number 13865, August.
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