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Contents
Chapter 1: Monetary policy and macroeconomic stability in Latin America: The cases of Brazil, Chile, Colombia and Mexico
Luiz de Mello and Diego Moccero use a conventional New Keynesian model to empirically test whether adoption of inflation targeting in a flexible exchange rate regime has affected macroeconomic volatility in four Latin American countries: Brazil, Chile, Colombia and Mexico.
Chapter 2: Brazil: Taming inflation expectations
Afonso Bevilaqua, Mário Mesquita and André Minella discuss the conduct of monetary policy in Brazil. Their econometric analysis underscores the critical role played by the inflation targets as “attractors” for expectations.
Chapter 3: Inflation targeting in Chile: Experience and selected issues
Rodrigo Valdés discusses the Chilean experience with inflation targeting. He highlights a number of institutional characteristics of the Chilean regime that have contributed to, or acted as a pre requisite for, a good track record of inflation control.
Chapter 4: The Czech Republic’s inflation targeting experience
Kateřina Šmídková discusses the experience of the Czech Republic with inflation targeting. She argues that an important feature of the Czech regime is the need to build an exit strategy into the policy framework, given the country’s expected entry into the euro zone.
Chapter 5: Monetary policy in emerging markets: The case of Indonesia
Hartadi Sarwono discusses the Indonesian experience with inflation targeting. He emphasises rapid structural changes in post crisis Indonesia as an important feature of the country’s monetary regime.
Chapter 6: South Africa’s experience with monetary policy within an inflation targeting policy framework
Monde Mnyande discussed the South African experience with inflation targeting. He argues that monetary policy has become more forward looking following the introduction of inflation targeting.
Chapter 7: From exchange rate stabilisation to inflation targeting: Turkey’s quest for price stability
Gülbin Şahinbeyoğlu discusses the experience of Turkey with inflation targeting. She focuses on the successes and challenges the monetary authorities were confronted with within this new policy regime.
How to obtain this publication
The complete text of edition of Monetary policies and inflation targeting in emerging economies is available from:
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Additional information
Further information can be obtained from the Brazil, South America and Indonesia Desk at the OECD Economics Department at ECO.Contact@oecd.org
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