Seminario de Economía | Klaus Schmidt-Hebbel

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“The Past and Future of Inflation Targeting”


WInflation targeting (IT) was started in 1990 and spread subsequently to 35 other advanced and emerging/developing countries until now. Drawing from existing and new research, this paper takes stock of IT’s past performance and limitations, and discusses its main challenges to remain the monetary regime of choice in the future. Adopting and developing IT takes different forms but central banks gradually converge to a common policy framework – although the framework itself continues evolving over time. There is significant evidence on the success of IT – in particular for emerging economies and lower income countries – in improving central banks’ institutional set-up, conduct of monetary policy, and macroeconomic performance. The last decade presented the greatest challenges to IT, due to the commodity price shock of 2006-07 and then the Global Financial Crisis and its aftermath. The future of IT in general, and in developing countries in particular, will be determined by how well central banks manage the transition toward full-fledged stationary-target IT; improve their independence, transparency, and accountability; strengthen flexible IT without giving up low inflation as the key policy mandate; and evaluate seriously adoption of price-level targeting. Continuing IT adoption in developing countries is an encouraging sign of their capacity to face these challenges.

Klaus Schmidt-Hebbel es Profesor Titular de la Pontificia Universidad Católica de Chile y Profesor Asociado de la Universidad de Chile, desempeñándose además como consultor, asesor y conferencista internacional. Klaus Schmidt-Hebbel tiene un PhD en Economía por el MIT. Es Ingeniero Comercial, Licenciado en Economía y Magister en Economía de la Pontificia Universidad Católica de Chile. En el ámbito profesional, se ha desempeñado como Economista Jefe de la OCDE, Gerente de Investigación Económica del Banco Central de Chile, Economista Principal del Banco Mundial y asesorado a numerosos gobiernos, organismos multilaterales, organizaciones y corporaciones tanto de Chile como del resto del mundo. Sus áreas de interés son las finanzas internacionales, la macroeconomía, la política monetaria y el crecimiento y desarrollo económico.

1 de noviembre de 2016

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