regimes. It also reviews the performance of exchange rate regimes in terms of inflation and business cycles. …

, the effects on inflation and output volatility in the event of demand and cost-push shocks are minimal. Financially …

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. …

further shown to affect output growth and inflation. The nature and magnitude of these effects may depend on the exchange rate …

, and current account liberalization; and (ii) inflation and various determinants, including lagged inflation, the nominal … and the real exchange rate are significant determinants but not the exchange regime or liberalization; and for inflation …, the lagged inflation rate, nominal exchange rate, and the de facto regime are significant. Exchange rate pass-through is …

, and inflation. The authors develop a framework that emphasizes the different roles of monetary and fiscal policy and apply …