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Inflation Targeting Regimes

Alina Carare

affiliation not provided to SSRN

Mark Stone

International Monetary Fund (IMF)

January 2003

IMF Working Paper No. 03/9

This paper classifies countries that define their monetary policy framework by an inflation target into full-fledged inflation targeters, eclectic inflation targeters and inflation targeting lite regimes. This classification is based on indicators of the clarity and credibility of the commitment to the inflation target. The three regimes can be viewed as corresponding to different welfare maximizing combinations of policy objectives, each conditional on a country`s endowed level of credibility. The credibility of the regimes is related empirically to structural differences. Policy implications are drawn, especially for emerging market countries aiming at full-fledged inflation targeting.

Number of Pages in PDF File: 37

Keywords: Monetary policy framework, inflation targeting, central bank, price stability

JEL Classification: E52, E58, E61

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Date posted: January 28, 2006  

Suggested Citation

Carare, Alina and Stone, Mark, Inflation Targeting Regimes (January 2003). IMF Working Paper, Vol. , pp. 1-37, 2003. Available at SSRN: http://ssrn.com/abstract=879084

Contact Information

Alina Carare (Contact Author)
affiliation not provided to SSRN
No Address Available
Mark Stone
International Monetary Fund (IMF) ( email )
700 19th Street NW
Washington, DC 20431
United States
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References:  41
Citations:  14

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