Edited by Gerald A. Epstein, Professor of Economics and Co-Director, Political Economy Research Institute (PERI), University of Massachusetts-Amherst, US and A. Erinc Yeldan, Professor of Economics, Bilkent University, Ankara, Turkey and Member, Executive Committee of the International Development Economics Associates (IDEAs), New Delhi, India

'Inflation targeting (IT) has become the sacred cow of central banking. But its suitability to developing nations remains contested. The contributors to this volume perform the valuable service of sketching out plausible, more development-friendly alternatives. They are to be commended in particular for avoiding a one-size-fits-all approach and paying close attention to the needs of specific countries. Their proposals range from relatively minor tinkering in IT to comprehensive overhaul. A common theme is the central role of the real exchange rate, which the central banks ignore at their economies' peril.'

• Contents:PrefacePART I: INTRODUCTION AND THEORETICAL FRAMEWORKS1. Beyond Inflation Targeting: Assessing the Impacts and Policy AlternativesGerald Epstein and A. Erinç Yeldan2. Real Exchange Rate, Monetary Policy and Employment: Economic Development in a Garden of Forking PathsRoberto Frenkel and Lance Taylor3. Inflation Targeting and the Real Exchange Rate in a Small Economy: A Structuralist ApproachJose Antonio CorderoPART II: THEMATIC ISSUES: CLASS RELATIONS AND GENDER IMPACTS OF INFLATION TARGETING4. Income, Class and Preferences Towards Anti-Inflation and Anti-Unemployment PoliciesArjun Jayadev 5. The Gendered Political Economy of Inflation Targeting: Assessing its Impacts on EmploymentElissa Braunstein and James Heintz6. Inflation and Economic Growth: A Cross-Country Non-Linear AnalysisRobert Pollin and Andong Zhu PART III: INFLATION TARGETING: CRITIQUES AND COUNTRY-SPECIFIC ALTERNATIVES7. Inflation Targeting in Brazil: 1999–2006Nelson H. Barbosa-Filho 8. Alternatives to Inflation Targeting in MexicoLuis Miguel Galindo and Jaime Ros 9. Five Years of Competitive and Stable Real Exchange Rate in Argentina, 2002–07Roberto Frenkel and Martin Rapetti 10. A General Equilibrium Assessment of Twin-Targeting in TurkeyCagatay Telli, Ebru Voyvoda and A. Erinç Yeldan 11. Employment Targeting Central Bank Policy: A Policy Proposal for South AfricaGerald Epstein12. Inflation Targeting and the Design of Monetary Policy in IndiaRaghbendra Jha13. Towards an Alternative Monetary Policy in the PhilippinesJoseph Anthony Lim 14. Monetary Policy in Vietnam: Alternatives to Inflation TargetingLe Anh Tu PackardIndex

Edited by Gerald A. Epstein, Professor of Economics and Co-Director, Political Economy Research Institute (PERI), University of Massachusetts-Amherst, US and A. Erinc Yeldan, Professor of Economics, Bilkent University, Ankara, Turkey and Member, Executive Committee of the International Development Economics Associates (IDEAs), New Delhi, India

'Inflation targeting (IT) has become the sacred cow of central banking. But its suitability to developing nations remains contested. The contributors to this volume perform the valuable service of sketching out plausible, more development-friendly alternatives. They are to be commended in particular for avoiding a one-size-fits-all approach and paying close attention to the needs of specific countries. Their proposals range from relatively minor tinkering in IT to comprehensive overhaul. A common theme is the central role of the real exchange rate, which the central banks ignore at their economies' peril.'

• Contents:PrefacePART I: INTRODUCTION AND THEORETICAL FRAMEWORKS1. Beyond Inflation Targeting: Assessing the Impacts and Policy AlternativesGerald Epstein and A. Erinç Yeldan2. Real Exchange Rate, Monetary Policy and Employment: Economic Development in a Garden of Forking PathsRoberto Frenkel and Lance Taylor3. Inflation Targeting and the Real Exchange Rate in a Small Economy: A Structuralist ApproachJose Antonio CorderoPART II: THEMATIC ISSUES: CLASS RELATIONS AND GENDER IMPACTS OF INFLATION TARGETING4. Income, Class and Preferences Towards Anti-Inflation and Anti-Unemployment PoliciesArjun Jayadev 5. The Gendered Political Economy of Inflation Targeting: Assessing its Impacts on EmploymentElissa Braunstein and James Heintz6. Inflation and Economic Growth: A Cross-Country Non-Linear AnalysisRobert Pollin and Andong Zhu PART III: INFLATION TARGETING: CRITIQUES AND COUNTRY-SPECIFIC ALTERNATIVES7. Inflation Targeting in Brazil: 1999–2006Nelson H. Barbosa-Filho 8. Alternatives to Inflation Targeting in MexicoLuis Miguel Galindo and Jaime Ros 9. Five Years of Competitive and Stable Real Exchange Rate in Argentina, 2002–07Roberto Frenkel and Martin Rapetti 10. A General Equilibrium Assessment of Twin-Targeting in TurkeyCagatay Telli, Ebru Voyvoda and A. Erinç Yeldan 11. Employment Targeting Central Bank Policy: A Policy Proposal for South AfricaGerald Epstein12. Inflation Targeting and the Design of Monetary Policy in IndiaRaghbendra Jha13. Towards an Alternative Monetary Policy in the PhilippinesJoseph Anthony Lim 14. Monetary Policy in Vietnam: Alternatives to Inflation TargetingLe Anh Tu PackardIndex

Edited by Gerald A. Epstein, Professor of Economics and Co-Director, Political Economy Research Institute (PERI), University of Massachusetts-Amherst, US and A. Erinc Yeldan, Professor of Economics, Bilkent University, Ankara, Turkey and Member, Executive Committee of the International Development Economics Associates (IDEAs), New Delhi, India

'Inflation targeting (IT) has become the sacred cow of central banking. But its suitability to developing nations remains contested. The contributors to this volume perform the valuable service of sketching out plausible, more development-friendly alternatives. They are to be commended in particular for avoiding a one-size-fits-all approach and paying close attention to the needs of specific countries. Their proposals range from relatively minor tinkering in IT to comprehensive overhaul. A common theme is the central role of the real exchange rate, which the central banks ignore at their economies' peril.'

• Contents:PrefacePART I: INTRODUCTION AND THEORETICAL FRAMEWORKS1. Beyond Inflation Targeting: Assessing the Impacts and Policy AlternativesGerald Epstein and A. Erinç Yeldan2. Real Exchange Rate, Monetary Policy and Employment: Economic Development in a Garden of Forking PathsRoberto Frenkel and Lance Taylor3. Inflation Targeting and the Real Exchange Rate in a Small Economy: A Structuralist ApproachJose Antonio CorderoPART II: THEMATIC ISSUES: CLASS RELATIONS AND GENDER IMPACTS OF INFLATION TARGETING4. Income, Class and Preferences Towards Anti-Inflation and Anti-Unemployment PoliciesArjun Jayadev 5. The Gendered Political Economy of Inflation Targeting: Assessing its Impacts on EmploymentElissa Braunstein and James Heintz6. Inflation and Economic Growth: A Cross-Country Non-Linear AnalysisRobert Pollin and Andong Zhu PART III: INFLATION TARGETING: CRITIQUES AND COUNTRY-SPECIFIC ALTERNATIVES7. Inflation Targeting in Brazil: 1999–2006Nelson H. Barbosa-Filho 8. Alternatives to Inflation Targeting in MexicoLuis Miguel Galindo and Jaime Ros 9. Five Years of Competitive and Stable Real Exchange Rate in Argentina, 2002–07Roberto Frenkel and Martin Rapetti 10. A General Equilibrium Assessment of Twin-Targeting in TurkeyCagatay Telli, Ebru Voyvoda and A. Erinç Yeldan 11. Employment Targeting Central Bank Policy: A Policy Proposal for South AfricaGerald Epstein12. Inflation Targeting and the Design of Monetary Policy in IndiaRaghbendra Jha13. Towards an Alternative Monetary Policy in the PhilippinesJoseph Anthony Lim 14. Monetary Policy in Vietnam: Alternatives to Inflation TargetingLe Anh Tu PackardIndex