Inflation Targeting in Emerging Market and Transition Economies: Lessons after a Decade

11 Pages Posted: 4 Sep 2007 Last revised: 26 Jul 2022

Multiple version iconThere are 2 versions of this paper

Date Written: October 1, 2001

Abstract

This working paper was written by Jeffery D. Amato (Bank for International Settlements) and Stefan Gerlach (University of Basel and CEPR).

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

Suggested Citation

Institute for Monetary and Financial Research, Hong Kong, Inflation Targeting in Emerging Market and Transition Economies: Lessons after a Decade (October 1, 2001). Hong Kong Institute for Monetary and Financial Research (HKIMR) Research Paper WP No. 13/2001, European Economic Review, Vol. 46, No. 4-5, 2002, Available at SSRN: https://ssrn.com/abstract=1009381 or http://dx.doi.org/10.2139/ssrn.1009381

Hong Kong Institute for Monetary and Financial Research (Contact Author)

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