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What Measure of Inflation Should a Developing Country Central Bank Target?

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by Rahul Anand & Eswar Prasad
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What Measure of Inflation Should a Developing Country Central Bank Target? by Rahul Anand & Eswar Prasad

In closed or open economy models with complete markets, targeting core inflation enables monetary policy to maximize welfare by replicating the flexible price equilibrium. We analyze this result in the context of developing economies, where a large proportion of households are credit constrained and the share of food expenditures in total consumption expenditures is high. We develop an open economy model with incomplete financial markets to show that headline inflation targeting improves welfare outcomes. We also compute the optimal price index, which includes a positive weight on food prices but, unlike headline inflation, assigns zero weight to import prices.

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Ebook Details
Pages: 37
Size: 900 KB
Publisher: INTERNATIONAL MONETARY FUND
Date published:   2015
ISBN: 9781513574028 (DRM-PDF)

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This product is listed in the following categories:

Nonfiction > Business & Economics > Economics
Nonfiction > Business & Economics > International > Economics
Nonfiction > Business & Economics > Economics > Macroeconomics

These authors have products in the following categories:

Nonfiction > Business & Economics
Nonfiction > Business & Economics > Economics > Macroeconomics
Nonfiction > Business & Economics > International
Nonfiction > Business & Economics > Economics
Nonfiction > Business & Economics > International > Economics
Nonfiction > Business & Economics > Economic Conditions
Nonfiction > Business & Economics > Inflation
Nonfiction > Business & Economics > Economics > Microeconomics

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01/21/2017
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