Metas de inflación ¿qué hay de nuevo bajo el sol?

Inlfation targeting is a relatively new way to administer the monetary policy, since the velocity of money revealed unstable and hard pegs unsustainable. The new regime is one of flexible exchange rates, and the target of the monetary policy becomes the rate of inflation itself, instead of any monetary aggregate or rate of interest. This paper is a conceptual discussion on the issue, and a review of the international discussion and experience in recent years.