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Inflation Targeting, Employment Creation and Economic Development: Assessing the Impacts and Policy Alternatives

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  • Gerald Epstein
  • Erinc Yeldan

Abstract

Inflation targeting (IT) has recently become the dominant monetary policy prescription for both developing and industrialized countries alike. Emerging market governments, in particular, are increasingly pressured to follow IT as part of their International Monetary Fund (IMF)-led stabilization packages and the routine rating procedures of the international finance institutions. However, the common expectation of IT promoters that price stability would ultimately lead to higher employment and sustained growth has failed to materialize. Generally, the current growth patterns of the world economy are too concentrated and uneven to generate sufficient capital investment and reduce unemployment. To contribute to the task of designing a more socially desirable macroeconomic policy environment, we offer concrete country case studies that devise viable alternatives to inflation targeting central bank policies in order to promote employment, sustained growth and improved income distribution.
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Suggested Citation

  • Gerald Epstein & Erinc Yeldan, 2008. "Inflation Targeting, Employment Creation and Economic Development: Assessing the Impacts and Policy Alternatives," International Review of Applied Economics, Taylor & Francis Journals, vol. 22(2), pages 129-130.
    • Handle: RePEc:taf:irapec:v:22:y:2008:i:2:p:129-130
    DOI: 10.1080/02692170801889676
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    1. Unanswered Questions on Financialisation in Developing Economies
      by Carolina Alves in Development Economics on 2018-04-05 06:00:13

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    Cited by:

    1. Wai Ching Poon & Yong Shen Lee, 2014. "Inflation Targeting in ASEAN-10," South African Journal of Economics, Economic Society of South Africa, vol. 82(1), pages 141-157, March.
    2. Ulrich Volz, 2015. "On the Future of Inflation Targeting in East Asia," Review of Development Economics, Wiley Blackwell, vol. 19(3), pages 638-652, August.
    3. repec:ilo:ilowps:467212 is not listed on IDEAS
    4. Josh Ryan-Collins, 2015. "Is Monetary Financing Inflationary? A Case Study of the Canadian Economy, 1935-75," Economics Working Paper Archive wp_848, Levy Economics Institute.
    5. Malcolm Sawyer, 2011. "Re-thinking Macroeconomic Policies," Chapters, in: Claude Gnos & Louis-Philippe Rochon (ed.), Credit, Money and Macroeconomic Policy, chapter 13, Edward Elgar Publishing.
    6. Marc Audi & Amjad Ali, 2023. "Public Policy and Economic Misery Nexus: A Comparative Analysis of Developed and Developing World," International Journal of Economics and Financial Issues, Econjournals, vol. 13(3), pages 56-73, May.
    7. repec:ilo:ilowps:470297 is not listed on IDEAS
    8. 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.
    9. Tumisang Loate & Ekaterina Pirozhkova & Nicola Viegi, 2021. "Sailing into the Wind evaluating the near future of Monetary Policy in South Africa," Working Papers 11006, South African Reserve Bank.
    10. Matsumoto, Makiko. & Hengge, Martina. & Islam, Iyanatul,, 2012. "Tackling the youth employment crisis : a macroeconomic perspective," ILO Working Papers 994702973402676, International Labour Organization.
    11. Agu, Ugochukwu. & Evoh, Chijioke J., 2011. "Macroeconomic policy for full and productive and decent employment for all : the case of Nigeria," ILO Working Papers 994672123402676, International Labour Organization.
    12. Gradimir Kozetinac, 2011. "Inflation Targeting, Full Employment and Long-run Economic Growth: The Case of Serbia," Book Chapters, in: Stefan Bogdan Salej & Dejan Eric & Srdjan Redzepagic & Ivan Stosic (ed.), Contemporary Issues in the Integration Processes of Western Balkan Countries in the European Union, chapter 20, pages 322-336, Institute of Economic Sciences.
    13. Metin Ozdemir & Selim Tuzunturk, 2009. "Is price stability enough? Macroeconomic performance of inflation targeting in developing countries," International Journal of Sustainable Economy, Inderscience Enterprises Ltd, vol. 1(4), pages 352-372.
    14. James Heintz & Léonce Ndikumana, 2010. "Working Paper 108 - Is there a Case for Formal Inflation Targeting in Sub-Saharan Africa?," Working Paper Series 245, African Development Bank.
    15. Carlos Carrasco & Jesus Ferreiro, 2013. "Inflation targeting in Mexico," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 35(3), pages 341-372.
    16. James Heintz & Léonce Ndikumana, 2010. "Is There a Case for Formal Inflation Targeting in Sub-Saharan Africa?," Working Papers wp218, Political Economy Research Institute, University of Massachusetts at Amherst.
    17. Oghenovo Adewale Obrimah, 2016. "Implications of New Keynesian Theory for Benchmarking of Monetary Efficiency," International Journal of Regional Development, Macrothink Institute, vol. 3(2), pages 1-76, December.
    18. Kosta Josifidis & Emilija Beker Pucar & Slađana Srdić & Gabriela Ivan, 2014. "Inflation Targeting in Advanced vs. Emerging Economies before and after the Crisis," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 61(1), pages 79-106, Februar.
    19. Erinc Yeldan, 2009. "On the Nature and Causes of the Collapse of the Wealth of Nations, 2007-2008: The End of a Façade Called Globalization," Working Papers wp197, Political Economy Research Institute, University of Massachusetts at Amherst.
    20. Adel Boughrara and Ichrak Dridi, 2017. "Does Inflation Targeting Matter for Foreign Portfolio Investment: Evidence from Propensity Score Matching," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 42(2), pages 67-86, June.
    21. Richard Kofi Asravor & Frank Gyimah Sackey, 2022. "Wage Price Floors and Sectoral Employment Outcomes in Ghana," The Indian Journal of Labour Economics, Springer;The Indian Society of Labour Economics (ISLE), vol. 65(1), pages 103-122, March.
    22. Jose Antonio Cordero, 2009. "Costa Rica During the Global Recession: Fiscal Stimulus with Tight Monetary Policy," CEPR Reports and Issue Briefs 2009-23, Center for Economic and Policy Research (CEPR).

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