Inflation Targets in Latin America

16 Pages Posted: 21 Nov 2019

See all articles by Jose de Gregorio

Jose de Gregorio

Central Bank of Chile; Universidad de Chile; National Bureau of Economic Research (NBER)

Date Written: November 11, 2019


Many emerging-market economies have adopted inflation targeting regimes since they were introduced by New Zealand in 1990. Latin America has not been the exception. Currently eight Latin American countries conduct monetary policy through inflation targeting regimes: Brazil, Chile, Colombia, Guatemala, Mexico, Paraguay, Peru, and Uruguay. This paper reviews the history of chronic inflation in Latin America and describes these countries’ experience with inflation targets and their performance during the global financial crisis.

Keywords: Inflation, Inflation Targets, Latin America, Monetary Policy

JEL Classification: E52, E58

Suggested Citation

de Gregorio, Jose, Inflation Targets in Latin America (November 11, 2019). Peterson Institute for International Economics Working Paper No. 19-19, Available at SSRN: or

Jose De Gregorio (Contact Author)

Central Bank of Chile ( email )

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Universidad de Chile ( email )

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National Bureau of Economic Research (NBER)

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