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Sticky Inflationary Expectations and Inflation Targeting in (some) Emerging and Less Developed Economies

Santiago Taboada () and Emiliano Libman ()

Revista Cuadernos de Economía, 2021, vol. 40, issue 82, 83-111

Abstract: We describe the experience of some economies that struggle to consolidate Inflation Targeting. We document the resilience of inflationary expectations during the first years after adoption by Israel, Brazil, Guatemala, Mexico, South Africa, and Turkey. The benchmark case of New Zealand is also described, and the experience of Argentina is presented as one of the few examples where Inflation Targeting failed and was eventually abandoned. ****** En este artículo se describe la experiencia de algunas economías que lucharon por consolidar metas de inflación. Se documenta la resiliencia de las expectativas de inflación durante los primeros anos en Israel, Brasil, Guatemala, México, Sudáfrica y Turquía. Los casos de Nueva Zelandia y Argentina —donde las metas fracasaron— se analizaron con fines comparativos. ****** Neste artigo descreve-se a experiencia de algumas economias que lutaram para consolidar metas de inflacao. Documenta-se a resiliencia das expectativas de inflacao durante os primeiros anos em Israel, Brasil, Guatemala, México, África do Sul e Turquia. Os casos da Nova Zelandia e Argentina—onde as metas falharam—foram analisados para fins comparativos.

Keywords: Inflation targeting; expected inflation; Taylor-rules. (search for similar items in EconPapers)
JEL-codes: E31 E50 E52 E58 (search for similar items in EconPapers)
Date: 2021
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