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| Tekijä: | Blejer, M. I. et al. |
| Otsikko: | Inflation targeting in the context of IMF-supported adjustment programs |
| Lehti: | IMF Staff papers
2002 : VOL. 49:3, p. 313-338 |
| Asiasana: | IMF Inflation Prices Adjustment costs Brazil |
| Kieli: | eng |
| Tiivistelmä: | The authors argue that the IMF's traditional monetary conditionality - a ceiling on net domestic assets of the central bank and a floor on its net international reserves - should be adapted in IMF-supported adjustment programs with countries that have a framework of explicit inflation targets for the implementation of monetary policy. This adaption should aim at enhancing correspondence and consistency between the monetary objectives of the central bank and the targets established under the IMF-supported adjustment program, as well as between the different instruments used to achieve the policy objectives and targets. The authors use various general options in this regard, and, using the case of Brazil as an example. |
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