Monetary Policy for Emerging Market Economies: Beyond Inflation Targeting

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Monetary Policy for Emerging Market Economies: Beyond Inflation Targeting

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Title: Monetary Policy for Emerging Market Economies: Beyond Inflation Targeting
Author: Friedman, Benjamin Morton
Citation: Friedman, Benjamin Morton. 2008. Monetary policy for emerging market economies: Beyond inflation targeting. Macroeconomics and Finance in Emerging Market Economies 1(1): 1-12.
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Abstract: Monetary policymakers normally seek to achieve multiple objectives: for prices as well as real economic activity, sometimes for the composition of real activity as well as the aggregate, and often for aspects of the economy's international balance. The fact that monetary policy has only one basic instrument to use therefore creates both complexity and tensions among these objectives. Although inflation targeting represents a way of imposing a logical consistency on monetary policy, in the presence of multiple policy objectives inflation targeting undermines policy transparency and therefore makes accountability more difficult too. Because of the limitation of monetary policy's having only one instrument, but multiple objectives, fiscal policy and prudential supervision and regulation of financial institutions are also important for enabling emerging market economies to achieve their macroeconomic aims.
Published Version: doi:10.1080/17520840801903083
Other Sources: http://scholar.harvard.edu/files/bfriedman/files/monetary_policy_for_emerging_market_economies_beyond_inflation_targeting.pdf
Terms of Use: This article is made available under the terms and conditions applicable to Open Access Policy Articles, as set forth at http://nrs.harvard.edu/urn-3:HUL.InstRepos:dash.current.terms-of-use#OAP
Citable link to this page: http://nrs.harvard.edu/urn-3:HUL.InstRepos:10886841
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