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

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

Journal Issue

Volume/Issue: 2015/205

Series: IMF Working Papers

Author(s): Rahul Anand , Eswar Prasad , and Boyang Zhang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 September 2015

DOI: http://dx.doi.org/10.5089/9781513572574.001

ISBN: 9781513572574

Keywords: monetary policy framework, core inflation, headline inflation, financial frictions, inflation, economies, welfare, Monetary Policy (Targets, Instruments, and Effects),

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 d...