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Inflation targeting in low‐income countries: Does IT work?

Atsuyoshi Morozumi (), Michael Bleaney and Zakari Mumuni

Review of Development Economics, 2020, vol. 24, issue 4, 1529-1550

Abstract: Previous research on inflation targeting (IT) has focused on high‐income countries and emerging market economies (EMEs). Only recently have sufficient data accumulated for the performance of IT in low‐income countries (LICs) to be assessed. We show that IT has not so far been as effective in reducing inflation in LICs as in EMEs. Relatively low central banks’ instrument independence in LICs, associated with weak restrictions limiting a central bank’s lending to the government, helps explain this result.

Date: 2020
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https://doi.org/10.1111/rode.12690

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Working Paper: Inflation targeting in low-income countries: Does IT work? (2020) Downloads
Working Paper: Inflation targeting in low-income countries: Does IT work? (2018) Downloads
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