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Inflation Targeting in the World Economy
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- Book details for Inflation Targeting in the World Economy
- Edwin M. Truman (author)
- Paperback, 230 x 170 x 13mm , 150 pp, Illustrations
- 30 Nov 2003
- Institute for International Economics,U.S.
- 0881323454
- 9780881323450
The focus of this study is the potential contribution of inflation targeting as a framework for the conduct of monetary policy to the performance of the international financial system. First, it reviews the literature on the link between low inflation and higher economic growth and the adoption since 1989 of inflation targeting by almost 20 countries around the world. The study then considers whether the performance of the international financial system would be improved if the central banks of the G3 economies (the United States, Euroland and Japan) were to adopt inflation targeting. The author examines the challenges and opportunities presented by this option to other countries in light of their economic and financial circumstances, focusing on the emerging market economies and their exchange rate regimes. He concludes with a review of the implications of widespread adoption of inflation targeting for IMF-supported stabilization programmes and IMF conditionality.
Edwin M. Truman, Senior Fellow, was Assistant Secretary of the Treasury for International Affairs (1998-2000). He was staff director of the Division of International Finance of the Board of Governors of the Federal Reserve System (1987-98) and was director of the Division from 1997 to 1987. From 1983 to 1990, he was one of three economists on the staff of the Federal Open Market Committee and has been a member of numerous international groups working on international economic and financial issues. His publications include works on international monetary economics, international debt problems, economic development, and European economic integration.
