Essays on Inflation Targeting

This book emerged as a result of my continuous research interest in the issues related to inflation targeting. In essence, the book represents a compilation of a couple of research papers devoted to different facets of inflation targeting, with particular focus to emerging market and developing economies. Approximately half of the book makes a critical evaluation of the referent literature, while the other half puts the issues in an empirical perspective and disentangles inflation targeting effects for the developing economies. I believe the book will contribute to the lively debate about inflation targeting. While there has been a tendency to favour inflation targeting before the crisis, the debate became heated again when inflation targeters faced the zero lower bound or when they were not able to fight imported inflation due to the rising global prices during the crisis. This opened a new strand of thinking and associated literature, which may label inflation targeting as a solid departure point towards more sophisticated monetary strategies to face the challenges imposed by the ongoing crisis.