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Metas de inflación ¿qué hay de nuevo bajo el sol?
[Inflation Targeting. What's new under the sun?]

  • Ferro, Gustavo

Inlfation targeting is a relatively new way to administer the monetary policy, since the velocity of money revealed unstable and hard pegs unsustainable. The new regime is one of flexible exchange rates, and the target of the monetary policy becomes the rate of inflation itself, instead of any monetary aggregate or rate of interest. This paper is a conceptual discussion on the issue, and a review of the international discussion and experience in recent years.

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File URL: https://mpra.ub.uni-muenchen.de/15069/1/MPRA_paper_15069.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 15069.

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Date of creation: 01 Dec 2007
Date of revision: 11 Mar 2008
Handle: RePEc:pra:mprapa:15069
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  1. Pierre-Richard Agénor, 2002. "Monetary Policy under Flexible Exchange Rates: An Introduction to Inflation Targeting," Central Banking, Analysis, and Economic Policies Book Series, in: Norman Loayza & Raimundo Soto & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Series Editor) (ed.), Inflation Targeting: Desing, Performance, Challenges, edition 1, volume 5, chapter 3, pages 079-170 Central Bank of Chile.
  2. Aaron Drew, 2001. "Lessons from Inflation Targeting in New Zealand," Working Papers Central Bank of Chile 113, Central Bank of Chile.
  3. Huang, Angela & Margaritis, Dimitri & Mayes, David, 2001. "Monetary policy rules in practice: Evidence from New Zealand," Research Discussion Papers 18/2001, Bank of Finland.
  4. Mark R. Stone, 2003. "Inflation Targeting Lite," IMF Working Papers 03/12, International Monetary Fund.
  5. N. Gregory Mankiw & Ricardo Reis, 2002. "What Measure of Inflation Should a Central Bank Target?," Harvard Institute of Economic Research Working Papers 1984, Harvard - Institute of Economic Research.
  6. Pierpaolo Benigno & David López-Salido, 2002. "Inflation persistence and optimal monetary policy in the euro area," International Finance Discussion Papers 749, Board of Governors of the Federal Reserve System (U.S.).
  7. Laurence Ball & Niamh Sheridan, 2004. "Does inflation targeting matter?," DNB Staff Reports (discontinued) 118, Netherlands Central Bank.
  8. Joel Bogdanski & Paulo Springer de Freitas & Ilan Goldfajn & Alexandre Tombini, 2002. "Inflation targeting in Brazil: shocks, backward-looking prices and IMF conditionality," BIS Papers chapters, in: Bank for International Settlements (ed.), Market functioning and central bank policy, volume 12, pages 358-384 Bank for International Settlements.
  9. W. Erwin Diewert, 2002. "Harmonized Indexes of Consumer Prices: Their Conceptual Foundations," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 138(IV), pages 547-637, December.
  10. Ben S. Bernanke & Frederic S. Mishkin, 1997. "Inflation Targeting: A New Framework for Monetary Policy?," Journal of Economic Perspectives, American Economic Association, vol. 11(2), pages 97-116, Spring.
  11. Alina Carare & Mark R. Stone, 2003. "Inflation Targeting Regimes," IMF Working Papers 03/9, International Monetary Fund.
  12. Jordi Galí, 2001. "Targeting Inflation in an Economy with Staggered Price Setting," Working Papers Central Bank of Chile 123, Central Bank of Chile.
  13. Vittorio Corbo & Óscar Landerretche & Klaus Schmidt-Hebbel, 2002. "Does Inflation Targeting Make a Difference?," Central Banking, Analysis, and Economic Policies Book Series, in: Norman Loayza & Raimundo Soto & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Series Editor) (ed.), Inflation Targeting: Desing, Performance, Challenges, edition 1, volume 5, chapter 5, pages 221-270 Central Bank of Chile.
  14. Norman Loayza & Raimundo Soto, 2002. "Inflation Targeting: An Overview," Central Banking, Analysis, and Economic Policies Book Series, in: Norman Loayza & Raimundo Soto & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Series Editor) (ed.), Inflation Targeting: Desing, Performance, Challenges, edition 1, volume 5, chapter 1, pages 001-022 Central Bank of Chile.
  15. Gabriel Sterne, 2001. "Inflation Targets in a Global Context," Working Papers Central Bank of Chile 114, Central Bank of Chile.
  16. Lars E O Svensson, 1997. "Inflation targeting in an open economy: strict or flexible inflation targeting?," Reserve Bank of New Zealand Discussion Paper Series G97/8, Reserve Bank of New Zealand.
  17. Ester Faia, 2004. "Monetary policy in a world with different financial systems," Money Macro and Finance (MMF) Research Group Conference 2003 28, Money Macro and Finance Research Group.
  18. Guy Debelle & Miguel A. Savastano & Paul R. Masson & Sunil Sharma, 1998. "Inflation Targeting as a Framework for Monetary Policy," IMF Economic Issues 15, International Monetary Fund.
  19. Ferya Kadioglu & Nilufer Ozdemir & Gokhan Yilmaz, 2000. "Inflation Targeting in Developing Countries," Discussion Papers 0006, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
  20. repec:bof:bofrdp:2001_018 is not listed on IDEAS
  21. N/A, 2002. "Overview," South Asian Survey, , vol. 9(1), pages 112-161, March.
  22. Guy Debelle & Jenny Wilkinson, 2001. "Inflation Targeting and the Inflation Process: Lessons from an Open Economy," Working Papers Central Bank of Chile 111, Central Bank of Chile.
  23. Yetman, James, 2003. "The credibility of the monetary policy "free lunch"," Working Paper Series 0284, European Central Bank.
  24. Fiorella De Fiore & Zheng Liu, 2003. "Openness and Equilibrium Determinacy under Interest Rate Rules," Emory Economics 0310, Department of Economics, Emory University (Atlanta).
  25. Orphanides, Athanasios, 1999. "The Quest for Prosperity Without Inflation," Working Paper Series 93, Sveriges Riksbank (Central Bank of Sweden).
  26. Svensson, Lars E.O., 1998. "Inflation Targeting as a Monetary Policy Rule," Seminar Papers 646, Stockholm University, Institute for International Economic Studies.
  27. Andrew Powell & Martin Gonzalez Rozada & Verónica Cohen Sabbán, 2003. "A new test for the success of inflation targeting," Business School Working Papers trece, Universidad Torcuato Di Tella.
  28. Marvin Goodfriend, 2003. "Inflation Targeting in the United States?," NBER Working Papers 9981, National Bureau of Economic Research, Inc.
  29. Pablo S. García & Luis Oscar Herrera & Rodrigo Valdés, 2001. "New Frontiers for Monetary Policy in Chile," Working Papers Central Bank of Chile 125, Central Bank of Chile.
  30. Frederic S. Mishkin, 2000. "Inflation Targeting in Emerging Market Countries," NBER Working Papers 7618, National Bureau of Economic Research, Inc.
  31. Chorng-Huey Wong & Eric V. Clifton & Gene L. Leon, 2001. "Inflation Targeting and the Unemployment-Inflation Trade-off," IMF Working Papers 01/166, International Monetary Fund.
  32. Frederic Mishkin & Klaus Schmidt-Hebbel, 2002. "A Decade of Inflation Targeting in the World: What Do We Know and What Do We Need to Know?," Central Banking, Analysis, and Economic Policies Book Series, in: Norman Loayza & Raimundo Soto & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Series Editor) (ed.), Inflation Targeting: Desing, Performance, Challenges, edition 1, volume 5, chapter 4, pages 171-220 Central Bank of Chile.
  33. Mark Zelmer & Andrea Schaechter & Mark R. Stone & Alina Carare, 2002. "Establishing Initial Conditions in Support of Inflation Targeting," IMF Working Papers 02/102, International Monetary Fund.
  34. Norman Loayza & Raimundo Soto, 2001. "Ten Years of Inflation Targeting: Design, Performance, Challenges," Working Papers Central Bank of Chile 131, Central Bank of Chile.
  35. Murray Sherwin, 1999. "Inflation targeting: 10 years on," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 62, September.
  36. Levin, Andrew T. & Natalucci, Fabio M. & Piger, Jeremy M., 2004. "Explicit inflation objectives and macroeconomic outcomes," Working Paper Series 0383, European Central Bank.
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