Monetary policy under inflation targeting: lessons from industrial and emerging countries

Olimkhon Aliqoriev and Khalilillo Khamidov

MPRA Paper from University Library of Munich, Germany

Abstract: This article focuses on inflation targeting (hereafter IT) as a superior monetary policy strategy for attaining price stability, and its theoretical framework, prerequisites to introduce. The article analyses benefits and costs of adoption of inflation targeting and also examines the IT experiences of some industrial and emerging markets. The growing body of empirical researches indicates that the adoption of IT is useful for countries that must enhance their credibility for the management of monetary policy. Personally, the authors suggest that Uzbekistan should also take IT into account seriously and further consider. In the long run, without prejudice to the goal of price stability countries can achieve other objective: high employment, economic growth, financial markets stability, interest rate stability, and stability in foreign exchange markets.

Keywords: inflation targeting; monetary policy; price stability; central bank. (search for similar items in EconPapers)
JEL-codes: E31 E52 E58 (search for similar items in EconPapers)
Date: 2014-05-05
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
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Published in Scientific journal of Chernihiv State Institute of Economics and Management (ChSIEM) #2 (22), 2014.1(2014): pp. 25-32

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