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This paper explores the role of exchange rates in emerging economies with inflation-targeting regimes, an issue that has become especially germane during the current episode of financial turmoil and volatile capital flows. Under inflation targeting, the interest rate is the main monetary policy tool for influencing activity and inflation, and there is little agreement about the appropriate role of the exchange rate.The exchange rate is a more important monetary policy tool for emerging economies that have adopted inflation targeting than it is for inflation-targeting advanced economies. Inflation-targeting emerging economies generally have less flexible exchange rate arrangements and intervene more frequently in the foreign exchange market than their advanced economy counterparts. The enhanced role of the exchange rate reflects these economies' greater vulnerability to exchange rate shocks and their less developed financial markets. However, their sharper focus on the exchange rate may cause some confusion about the commitment of their central banks to achieve the inflation target and may also complicate policy implementation. Global inflation pressures, greater exchange rate volatility, and the financial stresses from the global financial turmoil that began in mid-2007 are heightening these tensions.--Publisher's description.

Money. Monetary policy --- Developing countries --- Foreign exchange rates --- Inflation targeting --- -Monetary policy --- -Inflation (Finance) --- -AA / International- internationaal --- 333.846.2 --- 333.841 --- 333.451.6 --- 333.111.35 --- 333.825 --- 333.432.8 --- 330.05 --- 332.456 --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Exchange rates --- Fixed exchange rates --- Flexible exchange rates --- Floating exchange rates --- Fluctuating exchange rates --- Foreign exchange --- Rates of exchange --- Verband tussen de geld-, bank- en kredietpolitiek en de prijzen. --- Inflatie. --- Vlottende wisselkoersen. Crawling peg. --- Wisselverrichtingen, goudtransacties. --- Deviezenpolitiek. Interventies. --- Internationale monetaire organisatie. Internationaal Muntfonds. Algemene leningovereenkomsten. --- Rates --- Working papers --- AA / International- internationaal --- Targeting, Inflation --- Monetary policy --- Wisselverrichtingen, goudtransacties --- Internationale monetaire organisatie. Internationaal Muntfonds. Algemene leningovereenkomsten --- Vlottende wisselkoersen. Crawling peg --- Deviezenpolitiek. Interventies --- Inflatie --- Verband tussen de geld-, bank- en kredietpolitiek en de prijzen --- Foreign exchange rates - Developing countries --- Inflation targeting - Developing countries

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Money. Monetary policy --- European Union --- Inflation (Finance) --- Monetary policy --- EEC / European Union - EU -Europese Unie - Union Européenne - UE --- 334.151.21 --- 333.80 --- 333.841 --- 333.404 --- 333.846.2 --- Europese centrale bank. ESCB. Centrale banken. --- Geld-, bank- en kredietpolitiek. Kapitaalmarkt en -rente: algemeenheden. --- Inflatie. --- Omloopsnelheid van het geld. Ont-en oppotting. --- Verband tussen de geld-, bank- en kredietpolitiek en de prijzen. --- inflation --- politique monetaire --- banque centrale europeenne --- inflatie --- monetair beleid --- europese centrale bank --- -Monetary policy --- -332.41094 --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Finance --- Natural rate of unemployment --- Omloopsnelheid van het geld. Ont-en oppotting --- Geld-, bank- en kredietpolitiek. Kapitaalmarkt en -rente: algemeenheden --- Inflatie --- Verband tussen de geld-, bank- en kredietpolitiek en de prijzen --- Europese centrale bank. ESCB. Centrale banken --- Inflation (Finance) - European Union countries --- Monetary policy - European Union countries

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In recent years, the Federal Reserve and central banks worldwide have enjoyed remarkable success in their battle against inflation. The challenge now confronting the Fed and its counterparts is how to proceed in this newly benign economic environment: Should monetary policy seek to maintain a rate of low-level inflation or eliminate inflation altogether in an effort to attain full price stability? In a seminal article published in 1997, Martin Feldstein developed a framework for calculating the gains in economic welfare that might result from a move from a low level of inflation to full price stability. The present volume extends that analysis, focusing on the likely costs and benefits of achieving price stability not only in the United States, but in Germany, Spain, and the United Kingdom as well. The results show that even small changes in already low inflation rates can have a substantial impact on the economic performance of different countries, and that variations in national tax rules can affect the level of gain from disinflation.

Economic policy and planning (general) --- Prices --- Monetary policy --- Inflation (Finance) --- Price regulation --- Congresses --- Government policy --- politique economique --- politique des prix --- inflation --- impot sur le capital --- politique fiscale --- international --- AA / International- internationaal --- DE / Germany - Duitsland - Allemagne --- ES / Spain - Spanje - Espagne --- GB / United Kingdom - Verenigd Koninkrijk - Royaume Uni --- US / United States of America - USA - Verenigde Staten - Etats Unis --- 333.841 --- 380.3 --- 333.846.2 --- NBB congres --- -Price regulation --- -Monetary policy --- -Inflation (Finance) --- -338.526 --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Government price control --- Government price regulation --- Price control --- Price stabilization, Governmental --- Pricing --- Regulation of prices --- Trade regulation --- Anti-inflationary policies --- Commercial products --- Commodity prices --- Justum pretium --- Price theory --- Consumption (Economics) --- Cost --- Costs, Industrial --- Money --- Cost and standard of living --- Supply and demand --- Value --- Wages --- Willingness to pay --- economisch beleid --- prijsbeleid --- inflatie --- vermogensbelasting --- fiscaal beleid --- internationaal --- Inflatie. --- Prijsbeleid. --- Verband tussen de geld-, bank- en kredietpolitiek en de prijzen. --- -Law and legislation --- Law and legislation --- Congresses. --- -politique economique --- Government policy&delete& --- Precios --- Política y gobierno --- Congresos, conferencias, etc. --- Regulación de los precios --- Inflacción (Finanzas) --- Política monetaria --- E-books --- 338.526 --- Inflatie --- Verband tussen de geld-, bank- en kredietpolitiek en de prijzen --- Prijsbeleid --- Inflation (finance) --- Monetary policy - Congresses --- Inflation (Finance) - Congresses --- Price regulation - Congresses --- Prices - Government policy - Congresses --- federal reserve, bank, banking, banker, international, global, inflation, fed, economic, economy, economics, price, low level, rate, article, 1990s, contemporary, modern, 20th century, gains, welfare, united states, germany, spain, uk, america, tax, taxes, capital, income, cost, benefit, analysis, essay collection, textbook, academic, scholarly, research, college, university.

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Money --- Prices --- Production (Economic theory) --- Currency question --- Monnaie --- Prix --- Production --- Question monétaire --- prix --- prijzen --- production --- 331.01 --- 333.403 --- 333.846.2 --- 338.00 --- 380.20 --- AA / International- internationaal --- Microeconomics --- Supply and demand --- Demand (Economic theory) --- Supply-side economics --- Commercial products --- Commodity prices --- Justum pretium --- Price theory --- Consumption (Economics) --- Cost --- Costs, Industrial --- Cost and standard of living --- Value --- Wages --- Willingness to pay --- Currency --- Monetary question --- Money, Primitive --- Specie --- Standard of value --- Exchange --- Finance --- Banks and banking --- Coinage --- Gold --- Silver --- Silver question --- Wealth --- Fiat money --- Free coinage --- Scrip --- Currency crises --- Finance, Public --- Legal tender --- productie --- Evolutie van de economische cycli --- Monetaire theorieën. Kwantitatieve theorie. Theorie van de incasso's. Optiek van de uitgaven en inkomens --- Verband tussen de geld-, bank- en kredietpolitiek en de prijzen --- Theorie van de productie --- Prijstheorieën: algemeenheden --- Économie politique

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Monetary policy --- Fiscal policy --- Banks and banking, Central --- 336.71 --- 339.732 --- banque centrale europeenne --- zone euro --- politique monetaire --- politique fiscale --- taux de change --- taux d'interet --- EEC / European Union - EU -Europese Unie - Union Européenne - UE --- 333.825 --- 334.151.3 --- 334.151.1 --- 334.151.20 --- 334.151.21 --- 305.2 --- 336.401 --- 333.846.2 --- -Fiscal policy --- -332.4566094 --- 330.05 --- Ui1 --- Tax policy --- Taxation --- Economic policy --- Finance, Public --- Monetary management --- Currency boards --- Money supply --- Bankwezen --- Internationale banken. Wereldbank. Ontwikkelingsbank. Investeringsbank. Comecom, samenwerkingsbank. Europees monetair fonds. Europees ontwikkelingsfonds. Europese investeringsbank. Europese monetaire --- europese centrale bank --- eurozone --- monetair beleid --- fiscaal beleid --- wisselkoers --- rentevoeten --- Deviezenpolitiek. Interventies. --- EG : begrotings- en belastingpolitiek. --- EG : economisch en monetair beleid. --- Economische en monetaire unie van de Europese Gemeenschappen: algemeenheden. --- Europese centrale bank. ESCB. Centrale banken. --- Statistieken van de conjunctuur. --- Verband tussen begrotingspolitiek en economische evolutie. --- Verband tussen de geld-, bank- en kredietpolitiek en de prijzen. --- Government policy --- Economic and Monetary Union. --- EMU --- WWU --- Europäische Wirtschafts- und Währungsunion --- Unión Económica y Monetaria Europea --- Oikonomikē kai Nomismatikē Henōsē --- ONE --- European Monetary Union --- Talous- ja rahaliitto --- Unione monetaria --- Euroopan talous- ja rahaliitto --- Rahaliitto --- European Economic and Monetary Union --- UME --- Unione monetaria europea --- EWWU --- Unión Monetaria Europea --- Ekonomiska och monetära unionen --- Union monétaire européenne --- Union économique et monétaire européenne --- UEM --- Unia Gospodarcza i Walutowa --- 339.732 Ida. Ibrd. Bird. Ifc. Imf. Speciale trekkingsrechten. Bank voor internationale betalingen. Internationaal monetair systeem --- 339.732 Internationale banken. Wereldbank. Ontwikkelingsbank. Investeringsbank. Comecom, samenwerkingsbank. Europees monetair fonds. Europees ontwikkelingsfonds. Europese investeringsbank. Europese monetaire --- Ida. Ibrd. Bird. Ifc. Imf. Speciale trekkingsrechten. Bank voor internationale betalingen. Internationaal monetair systeem --- 336.71 Bankwezen --- 332.4566094 --- Statistieken van de conjunctuur --- Deviezenpolitiek. Interventies --- Verband tussen de geld-, bank- en kredietpolitiek en de prijzen --- EG : economisch en monetair beleid --- Economische en monetaire unie van de Europese Gemeenschappen: algemeenheden --- Europese centrale bank. ESCB. Centrale banken --- EG : begrotings- en belastingpolitiek --- Verband tussen begrotingspolitiek en economische evolutie --- European Central Bank. --- ECB --- Banque centrale européenne --- BCE --- Banco Central Europeo --- Banca centrale europea --- Europäische Zentralbank --- Európska centrálna banka --- EZB --- Monetary policy - European Union countries. --- Fiscal policy - Euroepan Union countries. --- Banks and banking, Central - European Union countries.