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Monetary policy under flexible exchange rates: an introduction to inflation targeting
Both policymakers and economists increasingly accept that the main medium- to long-run goal of monetary policy is the pursuit of price stability, defined as maintaining a low and stable rate of inflation. A high and variable inflation rate is socially and economically costly.
Fiscal inflation and cosmetic defaults in a small open economy
For a small open economy, maintaining a stable exchange rate and moderate levels of inflation is often a goal of primary importance. At the same time, the profession has recognized the tight link between fiscal and monetary policies in determining inflation dynamics. Thus, the goal of a stable exchange ...