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Inflation Targeting at 20 - Achievements and Challenges
Author:
Mr. Scott Roger
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Series:
IMF Working Papers
Volume/Issue:
Volume 2009: Issue 236
Language:
English
Publication Date:
01 Oct 2009
DOI:
https://doi.org/10.5089/9781451873832.001
ISBN:
9781451873832
ISSN:
1018-5941
Pages:
31
Keywords:
WP; IT country; country
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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This paper provides an overview of inflation targeting frameworks and macroeconomic performance under inflation targeting. Inflation targeting frameworks are generally quite similar across countries, and a broad consensus has developed in favor of "flexible" inflation targeting. The evidence shows that, although inflation target ranges are missed frequently in most countries, the inflation and growth performance under inflation targeting compares very favorably with performance under alternative frameworks. Inflation targeters also tentatively appear to be coping better with the commodity price and financial shocks in 2007-2009 than non-inflation targeters. Key issues going forward include adapting inflation targeting to emerging market and developing countries, and incorporating financial stability issues into the framework.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund