Chapter 5. How Should Emerging Market and Low-Income Country Central Banks Respond to Commodity Price Shocks?

Rahul Anand

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Rahul Anand

Rahul Anand
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Language:: English

Print Publication Date:: 24 Oct 2012

Keywords:: BOOK; price; government; commodity; natural resource; price shock; exchange rate; income distribution; price volatility; Natural resources; Income inequality; Oil; Food prices; Consumption; Global; Sub-Saharan Africa; Africa; Asia and Pacific; Middle East; food price inflation; core inflation; headline inflation; headline IT; inflation-targeting central bank; Inflation; Sticky prices; Emerging and frontier financial markets

Abstract

Over the last two decades, inflation targeting (IT)—in either an explicit or an implicit form—has become the monetary policy framework of choice for most advanced economies. A number of emerging market central banks have also adopted frameworks in which their priority is to maintain inflation at a target level or within a specified range. Many others have been moving toward such a system, and central banks in many low-income countries are considering the suitability of such monetary frameworks in their own institutional settings.

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