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Monetary models and inflation targeting in emerging market economies

In: The New Monetary Policy

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  • Valpy FitzGerald

Abstract

Beginning with an assessment of new thinking in macroeconomics and monetary theory, this book suggests that many countries have adopted the New Consensus Monetary Policy since the early 1990s in an attempt to reduce inflation to low levels. It goes on to illustrate that the explicit control of the money supply, which was fashionable in the 1970s and 1980s in the UK, US, Europe and elsewhere, was abandoned in favour of monetary rules that focus on interest rate manipulation by the central bank. The objective of these rules is to achieve specific, or a range of, inflation targets.

Suggested Citation

  • Valpy FitzGerald, 2005. "Monetary models and inflation targeting in emerging market economies," Chapters, in: Phillip Arestis & Michelle Baddeley & John S.L. McCombie (ed.), The New Monetary Policy, chapter 13, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:3536_13
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    File URL: https://www.elgaronline.com/view/1843769549.00017.xml
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    Cited by:

    1. Valpy Fitzgerald, 2006. "International Risk Tolerance, Capital Market Failure and Capital Flows to Emerging Markets," WIDER Working Paper Series RP2006-35, World Institute for Development Economic Research (UNU-WIDER).

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    Keywords

    Economics and Finance;

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