Beyond Inflation Targeting

Assessing the Impacts and Policy Alternatives

Häftad, Engelska, 2010

949 kr

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This book, written by an international team of economists, develops concrete, country specific alternatives to inflation targeting, the dominant policy framework of central bank policy that focuses on keeping inflation in the low single digits to the virtual exclusion of other key goals such as employment creation, poverty reduction and sustainable development. The book includes thematic chapters, including analyses of class attitudes toward inflation and unemployment and the gender impacts of restrictive monetary policy. Other chapters propose improved monetary frameworks for Argentina, Brazil, India, Mexico, the Philippines, South Africa, Turkey, and Vietnam. Policy frameworks that are explored include employment targeting, and targeting a stable and competitive real exchange rate. The authors also show that to reach a larger number of targets, including higher employment and stable inflation, central banks must use a larger number of instruments, including capital management techniques.This volume offers concrete, socially valuable alternatives that economists, policy makers, students and interested laypeople should consider before adopting one size fits all, often inadequate, policies that have become a virtual policy making fad.

Produktinformation

Utgivningsdatum2010-08-31
Mått156 x 234 x undefined mm
FormatHäftad
SpråkEngelska
FörlagEdward Elgar Publishing Ltd
ISBN9781848448049

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Contents:PrefacePART I: INTRODUCTION AND THEORETICAL FRAMEWORKS1. Beyond Inflation Targeting: Assessing the Impacts and Policy AlternativesGerald Epstein and A. Erinç Yeldan2. Real Exchange Rate, Monetary Policy and Employment: Economic Development in a Garden of Forking PathsRoberto Frenkel and Lance Taylor3. Inflation Targeting and the Real Exchange Rate in a Small Economy: A Structuralist ApproachJose Antonio CorderoPART II: THEMATIC ISSUES: CLASS RELATIONS AND GENDER IMPACTS OF INFLATION TARGETING4. Income, Class and Preferences Towards Anti-Inflation and Anti-Unemployment PoliciesArjun Jayadev 5. The Gendered Political Economy of Inflation Targeting: Assessing its Impacts on EmploymentElissa Braunstein and James Heintz6. Inflation and Economic Growth: A Cross-Country Non-Linear AnalysisRobert Pollin and Andong Zhu PART III: INFLATION TARGETING: CRITIQUES AND COUNTRY-SPECIFIC ALTERNATIVES7. Inflation Targeting in Brazil: 1999–2006Nelson H. Barbosa-Filho 8. Alternatives to Inflation Targeting in MexicoLuis Miguel Galindo and Jaime Ros 9. Five Years of Competitive and Stable Real Exchange Rate in Argentina, 2002–07Roberto Frenkel and Martin Rapetti 10. A General Equilibrium Assessment of Twin-Targeting in TurkeyCagatay Telli, Ebru Voyvoda and A. Erinç Yeldan 11. Employment Targeting Central Bank Policy: A Policy Proposal for South AfricaGerald Epstein12. Inflation Targeting and the Design of Monetary Policy in IndiaRaghbendra Jha13. Towards an Alternative Monetary Policy in the PhilippinesJoseph Anthony Lim 14. Monetary Policy in Vietnam: Alternatives to Inflation TargetingLe Anh Tu PackardIndex

'Inflation targeting (IT) has become the sacred cow of central banking. But its suitability to developing nations remains contested. The contributors to this volume perform the valuable service of sketching out plausible, more development-friendly alternatives. They are to be commended in particular for avoiding a one-size-fits-all approach and paying close attention to the needs of specific countries. Their proposals range from relatively minor tinkering in IT to comprehensive overhaul. A common theme is the central role of the real exchange rate, which the central banks ignore at their economies' peril.'

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