Establishing Initial Conditions in Support of Inflation Targeting

Mark Zelmer, Andrea Schaechter, Mark Stone and Alina Carare

No 2002/102, IMF Working Papers from International Monetary Fund

Abstract: This paper provides some practical advice on establishing initial conditions in support of an inflation-targeting monetary framework. These conditions are divided into four areas: a mandate in support of an inflation objective and accountability for achieving this objective; macroeconomic stability; a sufficiently well-developed and stable financial system; and effective policy implementation tools. The measures taken by countries to meet these conditions are also reviewed.

Keywords: WP; inflation target; inflation-targeting framework; emerging market country; interest rate; inflation-targeting country; monetary policy; monetary policy framework; inflation targeting; central bank; introducing inflation targeting; inflation-targeting objective; inflation targeters; inflation outlook; emerging market inflation targeters; Inflation; Emerging and frontier financial markets; Exchange rates; Currency markets; Africa (search for similar items in EconPapers)
Pages: 39
Date: 2002-06-01
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Citations: View citations in EconPapers (66)

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