Inflation Targeting in Emerging Market and Transition Economies: Lessons after a Decade
15 Pages Posted: 11 Dec 2001
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Inflation Targeting in Emerging Market and Transition Economies: Lessons after a Decade
Date Written: November 2001
Abstract
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.
Keywords: Inflation targeting, central banks, monetary policy
JEL Classification: E42, E50, E58
Suggested Citation: Suggested Citation
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