Inflation Targeting and Exchange Rate Rules in an Open Economy

Topics:
Inflation
Tags:
Currency & Foreign Exchange,
Finance,
Inflation
Source:
International Monetary Fund

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Overview: This paper provides a simple dynamic neo-Keynesian model that can be used to analyze the impact of monetary policy that considers inflation targeting in a small open economy. This economy is characterized by imperfect competition and short-run price rigidity. The main findings of the paper are that, depending on what shocks affect the economy, the effects of inflation targeting on output and inflation volatility depend crucially on the exchange rate regime and the inflation index being targeted.

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Format: PDF | Size: 493KB | Date: Feb 2004 | Pages: 37

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