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Country Experiences with the Introduction and Implementation of Inflation Targeting

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Author Info

  • Inci Ötker
  • Charles Freedman

Abstract

This is the tenth chapter of a forthcoming monograph entitled, "On Implementing Full- Fledged Inflation-Targeting Regimes: Saying What You Do and Doing What You Say." It describes the experiences of a number of countries with the introduction and implementation of inflation targeting regimes. It discusses their motivation for introducing IT; how they fared in meeting the various conditions that some have argued are needed in advance of introducing IT; how they transitioned to a full-fledged IT framework and coordinated their preparations with other economic policies and reforms; the benefits they gained by adopting IT; the challenges they faced in implementation; and the lessons from their experiences.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 09/161.

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Length: 42
Date of creation: 01 Jul 2009
Date of revision:
Handle: RePEc:imf:imfwpa:09/161

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Related research

Keywords: Inflation targeting; Economic reforms; inflation; monetary policy; central bank; price stability; monetary fund; inflation target; foreign exchange; inflation-targeting; high inflation; monetary targeting; monetary policy framework; monetary policy decision; government securities; government securities market; foreign currency; macroeconomic performance; monetary policy transmission mechanisms; monetary policy implementation; monetary transmission; national bank; rising inflation; low inflation; money supply; real interest rates; rise in inflation; monetary policy frameworks; monetary transmission mechanism; forecasting inflation; increase in inflation; inflation performance; reduction in inflation; actual inflation; inflationary expectations; monetary framework; inflation forecasts; price level; alternative monetary anchor; monetary targets; rate of inflation; monetary anchor; inflation targeting framework; monetary conditions; monetary management; change in inflation; fall in inflation; lower inflation; restrictive monetary policy; monetary policy transparency; monetary aggregates; monetary decision; annual inflation; resurgence of inflation; measure of inflation; inflation rate;

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References

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  1. Eyal Argov & David Rose & Philippe D Karam & Natan P. Epstein & Douglas Laxton, 2007. "Endogenous Monetary Policy Credibility in a Small Macro Model of Israel," IMF Working Papers 07/207, International Monetary Fund.
  2. 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.
  3. Inci Ötker, 2007. "Moving to Greater Exchange Rate Flexibility," IMF Occasional Papers 256, International Monetary Fund.
  4. Scott Roger & Mark R. Stone, 2005. "On Target? the International Experience with Achieving Inflation Targets," IMF Working Papers 05/163, International Monetary Fund.
  5. International Monetary Fund, 2009. "Inflation Targeting Under Imperfect Policy Credibility," IMF Working Papers 09/94, International Monetary Fund.
  6. Charles Freedman & Douglas Laxton, 2009. "Why Inflation Targeting?," IMF Working Papers 09/86, International Monetary Fund.
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Citations

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Cited by:
  1. International Monetary Fund, 2011. "Improving the Monetary Policy Frameworks in Central America," IMF Working Papers 11/245, International Monetary Fund.
  2. Svensson, Lars E.O., 2010. "Inflation Targeting," Handbook of Monetary Economics, in: Benjamin M. Friedman & Michael Woodford (ed.), Handbook of Monetary Economics, edition 1, volume 3, chapter 22, pages 1237-1302 Elsevier.
  3. Carlos A. Carrasco & Jesús Ferreiro, 2011. "Inflation Targeting and Economic Performance: The Case of Mexico," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 58(5), pages 675-692, December.

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