This book, written by an international team of economists, develops concrete, country specific alternatives to inflation targeting, the dominant policy framework of central bank policy that focuses on keeping inflation in the low single digits to the virtual exclusion of other key goals such as employment creation, poverty reduction and sustainable development. The book includes thematic chapters, including analyses of class attitudes toward inflation and unemployment and the gender impacts of restrictive monetary policy. Other chapters propose improved monetary frameworks for Argentina, Brazil, India, Mexico, the Philippines, South Africa, Turkey, and Vietnam. Policy frameworks that are explored include employment targeting, and targeting a stable and competitive real exchange rate. The authors also show that to reach a larger number of targets, including higher employment and stable inflation, central banks must use a larger number of instruments, including capital management techniques. This volume offers concrete, socially valuable alternatives that economists, policy makers, students and interested laypeople should consider before adopting one size fits all, often inadequate, policies that have become a virtual policy making fad.
Contents: Preface PART I: INTRODUCTION AND THEORETICAL FRAMEWORKS 1. Beyond Inflation Targeting: Assessing the Impacts and Policy Alternatives Gerald Epstein and A. Erinc Yeldan 2. Real Exchange Rate, Monetary Policy and Employment: Economic Development in a Garden of Forking Paths Roberto Frenkel and Lance Taylor 3. Inflation Targeting and the Real Exchange Rate in a Small Economy: A Structuralist Approach Jose Antonio Cordero PART II: THEMATIC ISSUES: CLASS RELATIONS AND GENDER IMPACTS OF INFLATION TARGETING 4. Income, Class and Preferences Towards Anti-Inflation and Anti-Unemployment Policies Arjun Jayadev 5. The Gendered Political Economy of Inflation Targeting: Assessing its Impacts on Employment Elissa Braunstein and James Heintz 6. Inflation and Economic Growth: A Cross-Country Non-Linear Analysis Robert Pollin and Andong Zhu PART III: INFLATION TARGETING: CRITIQUES AND COUNTRY-SPECIFIC ALTERNATIVES 7. Inflation Targeting in Brazil: 1999-2006 Nelson H. Barbosa-Filho 8. Alternatives to Inflation Targeting in Mexico Luis Miguel Galindo and Jaime Ros 9. Five Years of Competitive and Stable Real Exchange Rate in Argentina, 2002-07 Roberto Frenkel and Martin Rapetti 10. A General Equilibrium Assessment of Twin-Targeting in Turkey Cagatay Telli, Ebru Voyvoda and A. Erinc Yeldan 11. Employment Targeting Central Bank Policy: A Policy Proposal for South Africa Gerald Epstein 12. Inflation Targeting and the Design of Monetary Policy in India Raghbendra Jha 13. Towards an Alternative Monetary Policy in the Philippines Joseph Anthony Lim 14. Monetary Policy in Vietnam: Alternatives to Inflation Targeting Le Anh Tu Packard Index
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