Inflation Targeting: Assessing the Evidence

Alvaro Angeriz and Philip Arestis

Chapter 3 in Issues in Finance and Monetary Policy, 2007, pp 28-46 from Palgrave Macmillan

Abstract: Abstract Inflation targeting (IT) as a policy framework, designed to tame inflation, has been with us since the early 1990s. Recent work makes the point that a significant number of countries adopted this strategy, and the number is growing. For example, Sterne (2002) suggests that 54 countries pursued one form or another of IT by 1998, compared with only six in 1990. A more recent study (IMF, 2005) suggests that 21 countries (8 developed and 13 emerging) are now clear inflation targeters, pursuing a fully-fledged IT strategy (FFIT). Indeed, a number of other countries are seriously considering the adoption of this strategy. Many studies have attempted to examine empirically the degree and extent of the impact of IT on inflation in various countries. We review this literature in what follows and conclude that the available empirical evidence produces mixed results.

Keywords: Exchange Rate; Interest Rate; Monetary Policy; Central Bank; International Monetary Fund (search for similar items in EconPapers)
Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-80149-3_3

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DOI: 10.1057/9780230801493_3

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