Monetary policy under inflation targeting: an introduction

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dc.contributor.authorMishkin, Frederic S.
dc.contributor.authorSchmidt-Hebbel, Klaus
dc.date.accessioned2019-11-01T00:03:40Z
dc.date.available2019-11-01T00:03:40Z
dc.date.issued2007
dc.descriptionWith the end of intermediate exchange rate regimes, countries are either abandoning domestic monetary policy (by choosing super-hard pegs or relinquishing their national currencies altogether) or strengthening independent monetary policymaking (by adopting floating exchange rates, of either the clean or dirty variety) (Fischer, 2001, Calvo and Mishkin, 2003). Among monetary regimes, inflation targeting has become the natural complement of flexible exchange rate regimes. Many countries—which differ in size, structural features, and development level—have selected inflation- targeting-cum-floating as their preferred framework for pursuing a more independent and effective monetary policy. This choice is often made by instrument-independent central banks in open economies with a history of inflation, which need to establish a credible monetary anchor to promote price stability (Mishkin and Schmidt-Hebbel, 2002).
dc.file.nameBCCh-sbc-v11-p001_022
dc.format.pdf
dc.format.extentSección o Parte de un Documento
dc.format.mediump. 01-22
dc.identifier.isbn978-956-7421-28-2
dc.identifier.urihttps://hdl.handle.net/20.500.12580/3717
dc.language.isoeng
dc.publisherBanco Central de Chile
dc.relation.ispartofSeries on Central Banking, Analysis, and Economic Policies, no. 11
dc.rightsAttribution-NonCommercial-NoDerivs 3.0 Chile*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/cl/*
dc.subjectPOLÍTICA MONETARIAes_ES
dc.subjectINFLACIÓNes_ES
dc.subjectTIPO DE CAMBIOes_ES
dc.titleMonetary policy under inflation targeting: an introduction
dc.type.docArtículo

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