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Beyond Inflation Targeting: A Monetarist Review Around Inflation Targeting Performance

Author

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  • Daniel Garzón Hernández

Abstract

This paper analyses the challenges that inflation targeting (INT) brought to the monetarist school of economic thought and its relationship with collateral damages as banking competition, income inequality, and technical freedom to face economic crisis. Moreover, this paper discusses how INT's implementation has faced new economic boundaries as negative interest rates and high inflation management. As a result, relationships are found between monetarism and the measurement of target inflation. However, contradictions are also found that make it necessary to reconsider and reassess the effectiveness and functioning of the policy, considering the economic conditions where it is applied and the multiple methods which economies could use to manage inflation, whenever this could be necessary.

Suggested Citation

  • Daniel Garzón Hernández, 2022. "Beyond Inflation Targeting: A Monetarist Review Around Inflation Targeting Performance," Econógrafos, Escuela de Economía 022650, Universidad Nacional de Colombia, FCE, CID.
    • Handle: RePEc:col:000176:022650
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    Keywords

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    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Systems; Standards; Regimes; Government and the Monetary System
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination

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