Inflation Targeting in Emerging Market and Transition Economies: Lessons after a Decade
Starting in the early 1990s, several emerging market and transition economies (EMEs) have adopted inflation targeting (IT). In this paper we discuss a number of issues that arise in this context: (a) the definition of IT, (b) the role of preconditions for IT, (c) the use of intermediate exchange rate targets, and (d) the specification of inflation targets. Our overall conclusion is that, suitably modified, IT is a useful policy strategy for EMEs.
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