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来源类型Working Paper
规范类型报告
DOI10.3386/w18570
来源IDWorking Paper 18570
Is Inflation Targeting Still On Target?
Luis Felipe Céspedes; Roberto Chang; Andrés Velasco
发表日期2012-11-29
出版年2012
语种英语
摘要This paper reviews the recent experience of a half-dozen Latin American inflation-targeting (IT) nations. We document repeated and large deviations from the standard IT framework: exchange market interventions have been lasting and widespread; the real exchange rate has often become a target of policy, though this target is seldom made explicit; a range of other non-conventional policy tools, especially changes in reserve requirements but occasionally also taxes or restrictions on international capital movements, also came into common use. As in developed nations, during the 2008-2009 crisis issues of liquidity provision took center stage. We also attempt a first evaluation of the emerging modified framework of monetary policy. In general terms, the new approach seems to have been effective, at the very least since the region weathered the crisis reasonably well. But also, and perhaps more importantly, many questions remain about the desirability of non-conventional monetary policies in Latin America.
主题Macroeconomics ; Monetary Policy ; International Economics ; International Macroeconomics
URLhttps://www.nber.org/papers/w18570
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/576245
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GB/T 7714
Luis Felipe Céspedes,Roberto Chang,Andrés Velasco. Is Inflation Targeting Still On Target?. 2012.
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