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By Edwin Truman

This examine studies the literature at the contribution of low inflation to financial development and the next frequent adoption of inflation concentrating on as a financial coverage framework. Edwin Truman addresses the demanding situations and dangers linked to this sort of framework. development on those foundations, the examine specializes in significant overseas fiscal coverage matters: (1) the consequences of differing nationwide regimes of inflation focusing on for overseas financial coverage cooperation; and (2) the adoption of inflation concentrating on through emerging-market economies which regularly lack solid financial coverage environments and credible coverage authorities―a scenario which, between different issues, can complicate using the inflation focusing on framework because the foundation for IMF-supported stabilization courses.

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2--17-46 9/10/04 6:57 AM Page 36 implies an unexpected increase in real interest and principal payments of 6 percent over 12 years. The recent experience of Japan and a few other countries, reinforced by the data just presented, suggests that deflation is potentially a much bigger economic policy problem than many thought a decade ago. There is an active debate in many countries about whether central banks can combat deflation.

There is no consensus whether sand and grease effects operate at the same time or in sequence. One might like to think that the two effects may operate in sequence or that on balance one effect dominates the other at different rates of inflation. Erica Groshen and Mark Schweitzer (1999, 2000) suggest that inflation may have both effects on labor markets at the same time: inflation acts positively by relaxing nominal wage rigidity (grease) at the same time that it acts negatively by increasing real wage rigidity (sand) through the degradation of price signals.

The IMF makes the case that this more focused attitude along with various supporting institutional changes have contributed to the establishment of a virtuous circle where increased concern about inflation has led to more forwardlooking behavior by private agents, which has enhanced the ability of central banks to control inflation via both the traditional real interest rate channel and the less traditional expectations channel. ” Chapter 3 presents a detailed review of the elements of inflation-targeting frameworks for monetary policy and addresses whether certain initial conditions are necessary or desirable if the framework is to be reasonably successful.

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