Inflation Targeting and Real Exchange Rates in Emerging Markets *

  title={Inflation Targeting and Real Exchange Rates in Emerging Markets *},
  author={Joshua Aizenman and Michael Hutchison and Ilan Noy},
  • Joshua Aizenman, Michael Hutchison, Ilan Noy
  • Published 2008
We examine the inflation targeting (IT) experiences of emerging market economies, focusing especially on the roles of the real exchange rate and the distinction between commodity and non-commodity exporting nations. In the context of a simple empirical model, estimated with panel data for 17 emerging markets using both IT and non-IT observations, we find a significant and stable response running from inflation to policy interest rates in emerging markets that are following publically announced… CONTINUE READING
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