Tabla de Contenidos:
  • 1 What Is the Fuss All About? 1
  • What Is Inflation Targeting? 5
  • What Are the Issues? 8
  • Plan of the Book 11
  • Appendix 1.1 Monetary Policy Regimes 13
  • 2 Attraction of Inflation Targeting 17
  • Intellectual Origins 17
  • Choosing an Inflation-Targeting Framework 38
  • 3 Inflating Targeting in Practice 47
  • Necessary Preconditions 48
  • What the Skeptics Say 55
  • The Framework in Practice: Four Principal Elements 60
  • Actual and Potential Inflation Targeters 67
  • Empirical Investigations 71
  • 4 Inflation Targeting and the Group of Three 99
  • Individual Adoption 100
  • Joint Adoption 159
  • 5 Exchange Rate Regimes, Policies, and Practices 165
  • Performance of Exchange Rates under Inflation Targeting 167
  • Inflation Targeting and Exchange Rate Regimes 177
  • Inflation Targeting and Exchange Market Operations 181
  • The "Fear of Flating" 185
  • 6 International Financial Architecture 191
  • Prevention and Management of Crises 191
  • IMF Adjustment Programs 196
  • 7 Challenges and Opportunities 205
  • Inflation Targeting by the G3 209
  • Is Inflation Targeting Broadly Applicable? 211
  • Implications for Exchange Rate Policies 213
  • Implications for the International Financial Architecture 214
  • Recommendations 215
  • Table 2.1 Average rates of CPI inflation and growth rates of real GDP, 1990-2002 21
  • Table 2.2 Inflation variability and inflation in industrial countries over three decades 24
  • Table 2.3 Countries with inflation-targeting monetary policy frameworks 29
  • Table 2.4 Factors associated with a country's choice of inflation targeting 40
  • Table 3.1 Overview of inflation-targeting frameworks 61
  • Table 3.2 Evaluation in inflation-targeting frameworks 67
  • Table 3.3 Categorization of inflation targeters, based on inflation rates 69.