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    Monetary Policies and Inflation Targeting in Emerging Economies

    ISBN-10: 9264044620
    ISBN-13: 9789264044623
    Author(s): Organisation for Economic Co-operation and Development Staff, Luiz de Mello
    Description: Inflation targeting (IT) is an economic policy in which a country's central bank sets a target inflation rate, then raises or lowers interest rates accordingly to achieve and maintain that level of inflation.This volume looks at the experiences of  More...
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    List Price: $56.00
    Publisher: Organization for Economic Cooperation & Development
    Binding: Paperback
    Pages: 174
    Size: 6.00" wide x 9.00" long x 0.50" tall
    Weight: 0.132
    Language: English

    Inflation targeting (IT) is an economic policy in which a country's central bank sets a target inflation rate, then raises or lowers interest rates accordingly to achieve and maintain that level of inflation.This volume looks at the experiences of six emerging-market economies that use inflation targeting —Brazil, Chile, Czech Republic, Indonesia, South Africa, and Turkey. Although the economic circumstances under which IT was put in place vary considerably among these countries, there are some common lessons and policy challenges for all.IT appears to be a generally effective policy, although it is not easy to ascertain the extent of change in macroeconomic performance due solely to its adoption. Inflation targeting is often a part of broader structural reform, and global economic conditions that affect countries using IT may simply be beyond the control of policymakers in individual nations. Still, there is fairly compelling evidence for some of these countries that inflation has become less volatile and persistent in the post-IT period, interest rates have become less volatile, and inflation expectations have been more responsive to monetary policy moves.

    Monetary policy and macroeconomic stability in Latin America: The cases of Brazil, Chile, Colombia and Mexico
    Modelling and data
    Estimation of the structural model
    VAR analysis
    Counterfactual analysis
    Solving the rational expectations model
    Brazil: Taming inflation expectations
    Disinflation and recovery in 2003
    Inflation rebound and policy response in 2004
    Consolidating disinflation in 2005-06
    Inflation expectations: convergence to the targets and lower inflation uncertainty
    Inflation targeting in Chile: Experience and selected issues
    IT in Chile
    Selected monetary policy issues under IT
    The Czech Republic's inflation targeting experience
    The six phases of IT in the Czech Republic
    Components of the IT regime
    Monetary policy in emerging markets: The case of Indonesia
    Indonesia's monetary policy framework: A brief history
    The implementation of fully-fledged IT
    Limitation of interest-rate responses and co-ordination with government
    Conducting monetary policy with an open capital account
    Lessons to be learned and policy implications
    A closing remark: 2007 and beyond
    South Africa's experience with monetary policy within an inflation-targeting policy framework
    Assessing the performance of IT in South Africa
    Remaining policy challenges
    From exchange-rate stabilisation to inflation targeting: Turkey's quest for price stability
    The 2001 crisis and the adoption of implicit IT
    Putting the preconditions for formal inflation targeting in place
    The launch of formal IT
    Formal IT (2006-07)
    Conclusion and challenges ahead

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