Inflation Targeting in Chile: Experience and Issue
نویسندگان
چکیده
This paper revisits the Chilean experience with Inflation Targeting in the last 16 years with focus on a number of institutional characteristics that have favored or have even been a prerequisite for a good track record of inflation control. It also reviews particular macroeconomic outcomes, including changes in inflation dynamics, and a few selected practical issues, including the role of inflation expectations and the exchange rate in the conduct of monetary policy in the last several years. * A preliminary version of this paper was presented in the Seminar “Monetary Policy in Emerging Markets,” organized by the Economics Department/OECD and CCBS/Bank of England, Paris, February 28, 2007. I thank Fabian Gredig for very efficient assistance. All remaining errors are my own. This paper does not necessarily reflect the views of the Board of the Central Bank of Chile. Email: [email protected].
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