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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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    References listed on IDEAS

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    1. Scott Roger & Mark R. Stone, 2005. "On Target? the International Experience with Achieving Inflation Targets," IMF Working Papers 05/163, International Monetary Fund.
    2. Laurence M. Ball & Niamh Sheridan, 2004. "Does Inflation Targeting Matter?," NBER Chapters,in: The Inflation-Targeting Debate, pages 249-282 National Bureau of Economic Research, Inc.
    3. Robert Pollin & Gerald Epstein & James Heintz & Léonce Ndikumana, 2006. "An Employment-targeted Economic Programme for South Africa," Country Study 1, International Policy Centre for Inclusive Growth.
    4. James Heintz, 2006. "Globalization, Economic policy and Employment: Poverty and Gender Implications," Published Studies heintz_gender, Political Economy Research Institute, University of Massachusetts at Amherst.
    5. Corrinne Ho & Robert N. McCauley, 2003. "Living with flexible exchange rates: issues and recent experience in inflation targeting emerging market economies," BIS Working Papers 130, Bank for International Settlements.
    6. Ocampo, José Antonio, 2003. "Capital-account and counter-cyclical prudential regulations in developing countries," Copublicaciones, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 1796, May.
    7. Roberto FRENKEL, 2004. "Real exchange rate and employment in Argentina, Brazil, Chile and Mexico," Iktisat Isletme ve Finans, Bilgesel Yayincilik, vol. 19(223), pages 29-52.
    8. Frederic S. Mishkin & Klaus Schmidt-Hebbel, 2001. "One Decade of Inflation Targeting in the World: What Do We Know and What Do We Need to Know?," NBER Working Papers 8397, National Bureau of Economic Research, Inc.
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    Citations

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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. 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.
    3. Malcolm Sawyer, 2011. "Re-thinking Macroeconomic Policies," Chapters,in: Credit, Money and Macroeconomic Policy, chapter 13 Edward Elgar Publishing.
    4. repec:ilo:ilowps:470297 is not listed on IDEAS
    5. Matsumoto, Makiko. & Hengge, Martina. & Islam, Iyanatul., 2012. "Tackling the youth employment crisis : a macroeconomic perspective," ILO Working Papers 994702973402676, International Labour Organization.
    6. Gradimir Kozetinac, 2011. "Inflation Targeting, Full Employment and Long-run Economic Growth: The Case of Serbia," Book Chapters, Institute of Economic Sciences.
    7. 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.
    8. Carlos Carrasco & Jesus Ferreiro, 2013. "Inflation targeting in Mexico," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 35(3), pages 341-372.
    9. 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.
    10. 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.
    11. 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.
    12. repec:jed:journl:v:42:y:2017:i:2:p:67-86 is not listed on IDEAS
    13. 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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