This study reviews the literature on the contribution of low inflation to economic growth and the subsequent widespread adoption of inflation targeting as a monetary policy framework. Edwin Truman addresses the challenges and risks associated with such a framework. Building on these foundations, the study focuses on two major international economic policy issues: (1) the implications of differing national regimes of inflation targeting for international economic policy cooperation; and (2) the adoption of inflation targeting by emerging-market economies which often lack stable monetary policy environments and credible policy authorities—a situation which, among other things, can complicate the use of the inflation targeting framework as the basis for IMF-supported stabilization programs.
- Cover
- Contents
- Preface
- Acknowledgments
- Ch 1 What Is the Fuss All About?
- What Is Inflation Targeting?
- What Are the Issues?
- Plan of the Book
- Appendix 1.1 Monetary Policy Regimes
- Ch
2 Attraction of Inflation Targeting
- Intellectual Origins
- Choosing an Inflation-Targeting Framework
- Ch 3 Inflation Targeting in Practice
- Necessary Preconditions
- What the Skeptics Say
- The Framework in Practice: Four Principal Elements
- Actual and Potential Inflation Targeters
- Empirical Investigations
- Conclusion
- Ch 4 Inflation Targeting and the Group of Three
- Individual Adoption
- Joint Adoption
- Ch 5 Exchange Rate Regimes, Policies, and Practices
- Performance of Exchange Rates under Inflation Targeting
- Inflation Targeting and Exchange Rate Regimes
- Inflation Targeting and Exchange Market Operations
- The “Fear of Floating”
- Conclusions
- Ch 6 International Financial Architecture
- Prevention and Management of Crises
- IMF Adjustment Programs
- Conclusions
- Ch 7 Challenges and Opportunities
- Inflation Targeting by the G3
- Is Inflation Targeting Broadly Applicable?
- Implications for Exchange Rate Policies
- Implications for the International Financial Architecture
- Recommendations
- Concluding Thoughts
- Appendix
- References
- Index
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