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Inflation Targeting Regimes

Alina Carare () and Mark Stone

No 03/9, IMF Working Papers from International Monetary Fund

Abstract: This paper classifies countries that define their monetary policy framework by an inflation target into full-fledged inflation targeters, eclectic inflation targeters and inflation targeting lite regimes. This classification is based on indicators of the clarity and credibility of the commitment to the inflation target. The three regimes can be viewed as corresponding to different welfare maximizing combinations of policy objectives, each conditional on a country's "endowed" level of credibility. The credibility of the regimes is related empirically to structural differences. Policy implications are drawn, especially for emerging market countries aiming at full-fledged inflation targeting.

Keywords: Central banks; Central banks and their policies; Price stability; Monetary policy; Inflation targeting; Monetary policy framework, central bank, inflation, inflation target, (search for similar items in EconPapers)
Date: 2003-01-01
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Handle: RePEc:imf:imfwpa:03/9