IDEAS home Printed from
   My bibliography  Save this paper

Inflation Targeting In Emerging Markets: The Global Experience


  • John B. Taylor

    (Stanford University
    Hoover Institution)


This paper assesses the emerging market experience with inflation targeting in recent years. It places this experience in the broader context of global monetary policy. It shows that a shift away from rules based policy by many developed country central banks has adversely affected the inflation targeting performance of the emerging market countries. First, it has created direct economic spillovers, which have blurred the good effects of inflation targeting. Second, it has led to policy spillovers in which emerging market central banks have been driven to deviate from their inflation targeting rules. The implication of this research is that emerging market countries should stick to the type of inflation targeting they adopted a decade or more ago with macroprudential policy simply focused on getting the overall risk environment right.

Suggested Citation

  • John B. Taylor, 2014. "Inflation Targeting In Emerging Markets: The Global Experience," Economics Working Papers 14112, Hoover Institution, Stanford University.
  • Handle: RePEc:hoo:wpaper:14112

    Download full text from publisher

    File URL:
    Download Restriction: no

    References listed on IDEAS

    1. Carlos A. Vegh & Guillermo Vuletin, 2013. "Overcoming the Fear of Free Falling: Monetary Policy Graduation in Emerging Markets," World Scientific Book Chapters,in: The Role of Central Banks in Financial Stability How Has It Changed?, chapter 6, pages 105-129 World Scientific Publishing Co. Pte. Ltd..
    Full references (including those not matched with items on IDEAS)

    More about this item

    NEP fields

    This paper has been announced in the following NEP Reports:


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hoo:wpaper:14112. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Webmaster). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.