This paper classifies countries that define their monetary policy framework by an inflation target into full …-fledged inflation targeters, eclectic inflation targeters and inflation targeting lite regimes. This classification is based on … indicators of the clarity and credibility of the commitment to the inflation target. The three regimes can be viewed as …

Inflation targeting (IT) serves as monetary policy framework in several advanced economies, where it has enhanced … instruments to inflation. These prerequisites are largely absent among developing countries, though several of them could with … some further institutional changes and an overriding commitment to low inflation make use of an IT framework. …

This paper explores the role of exchange rates in emerging economies with inflation-targeting regimes, an issue that … has become especially germane during the current episode of financial turmoil and volatile capital flows. Under inflation … targeting, the interest rate is the main monetary policy tool for influencing activity and inflation, and there is little …

-fledged inflation targeting, (vi) implicit price stability anchor, and (vii) inflation targeting lite. This taxonomy captures the … financial and economic development and recent inflation history. …

frameworks and some have implemented or are moving towards inflation targeting (IT) regimes. Strengthening the monetary policy …

This paper provides some practical advice on establishing initial conditions in support of an inflation …-targeting monetary framework. These conditions are divided into four areas: a mandate in support of an inflation objective and …

This paper analyzes the monetary policy response to rising inflation in emerging and developing countries associated … with the food and oil price shocks in 2007 and the first half of 2008. It reviews inflation developments in a sample of … of inflation; provides a synthesis of policy responses taken against the background of the conflicting objectives and …

for establishing the other building blocks of an inflation targeting framework. It argues that strengthening the … effectiveness of the current monetary policy framework will facilitate the adoption of inflation targeting over time. …