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Inflation Targeting: Design, Performance, Challenges

Norman V. Loayza, and Raimundo Soto
Pub. Date: January 1, 2002

Series on Central Banking, Analysis, and Economic Policies, volume V.

Fourteen papers, most originally presented at the fourth Annual Conference of the Central Bank of Chile held in Santiago in November 2000, examine inflation-targeting monetary regimes, evaluate their performance, and consider the optimal design of policy objectives, instruments, and responses under inflation targeting. Papers discuss inflation targets in a global context; monetary policy under flexible exchange rates; lessons from a decade of inflation targeting throughout the world; targeting inflation in an economy with staggered price setting; whether inflation targeting makes a difference; alternative monetary rules in the open economy; a critical view of inflation targeting; inflation targeting and the liquidity trap; inflation targeting in the context of IMF-supported adjustment programs; and inflation targeting and the inflation process in an open economy. Loayza is with the World Bank. Soto is at the Central Bank of Chile and Pontifica Universidad Catolica de Chile. No index.

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