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Two Targets, Two Instruments; Monetary and Exchange Rate Policies in Emerging Market Economies

Jonathan Ostry (), Atish R. Ghosh and Marcos Chamon ()

No 2012/001, IMF Staff Discussion Notes from International Monetary Fund

Abstract: Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience interested in economic policy issues. This Web-only series replaced Staff Position Notes in January 2011.

Keywords: Exchange rates; Central bank policy rate; Banking; Capital inflows; Inflation targeting; SDN,inflation target,FX intervention,EME central banks,foreign exchange,inflationary bias,Policy response (search for similar items in EconPapers)
Pages: 25
Date: 2012-02-29
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