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      • Department of Economics
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      Inflation targeting, employment creation and economic development: assessing the impacts and policy alternatives

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      Author(s)
      Epstein, G.
      Yeldan, E.
      Date
      2008
      Source Title
      International Review of Applied Economics
      Print ISSN
      0269-2171
      Electronic ISSN
      1465-3486
      Publisher
      Routledge
      Volume
      22
      Issue
      2
      Pages
      131 - 144
      Language
      English
      Type
      Article
      Item Usage Stats
      217
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      1,285
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      Abstract
      Inflation targeting (IT) has recently become the dominant monetary policy prescription for both developing and industrialized countries alike. Emerging market governments, in particular, are increasingly pressured to follow IT as part of their International Monetary Fund (IMF)-led stabilization packages and the routine rating procedures of the international finance institutions. However, the common expectation of IT promoters that price stability would ultimately lead to higher employment and sustained growth has failed to materialize. Generally, the current growth patterns of the world economy are too concentrated and uneven to generate sufficient capital investment and reduce unemployment. To contribute to the task of designing a more socially desirable macroeconomic policy environment, we offer concrete country case studies that devise viable alternatives to inflation targeting central bank policies in order to promote employment, sustained growth and improved income distribution.
      Keywords
      Central banks
      Inflation targeting
      Developing world
      Economic development
      Employment
      Financial services
      IMF
      Income distribution
      Inflation
      Investment
      Macroeconomics
      Monetary policy
      Permalink
      http://hdl.handle.net/11693/23197
      Published Version (Please cite this version)
      http://dx.doi.org/10.1080/02692170701880601
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      • Department of Economics 697
      • Department of International Relations 558
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