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Mr. Antonio Spilimbergo and Mr. Krishna Srinivasan


Brazil is at crossroads, emerging slowly from a historic recession that was preceded by a huge economic boom. Reasons for the historic bust following a boom are manifold. Policy mistakes were an important contributory factor, and included the pursuit of countercyclical policies, introduced to deal with the effects of the global financial crisis, beyond the point where they were helpful. More fundamentally, it reflects longstanding structural weaknesses plaguing the economy, that also help explain Brazil’s uninspiring growth performance over the past four decades.

Mr. Andrew Berg and Mr. Rafael A Portillo


Monetary policy in sub-Sahara Africa (SSA) has undergone an important transformation in recent decades. With the advent of sustained growth and generally stable fiscal policies in much of the region, many countries are now working to modernize their monetary policy frameworks. This book provides a comprehensive view of the many monetary policy issues in sub-Saharan Africa. It reflects an effort to fill a gap in the current literature and collects research by staff of the IMF and other institutions, as well as from policymakers within central banks in SSA. The chapters explore the many dimensions of monetary policy in SSA. This volume will serve as an important reference for academics and policymakers and will inform future policy debates. The book highlights two points, one policy-related and the other methodological. Although these countries differ in important ways from advanced and emerging market countries, the monetary policy issues they face are not fundamentally different from those faced elsewhere. Policy aims to provide an anchor for inflation over the medium term while also responding to external and domestic shocks. Likewise, Sub-Saharan African countries are in the process of modernizing their policy frameworks, by clarifying their objectives and improving their operational frameworks, making policy increasingly forward-looking and improving their forecasting and analytical capacity.

Mr. Tobias Adrian, Mr. Douglas Laxton, and Mr. Maurice Obstfeld


Contributors working at the International Monetary Fund present 14 chapters on the development of monetary policy over the past quarter century through the lens of the evolution of inflation-forecast targeting. They describe the principles and practices of inflation-forecast targeting, including managing expectations, the implementation of a forecasting and policy analysis system, monetary operations, monetary policy and financial stability, financial conditions, and transparency and communications; aspects of inflation-forecast targeting in Canada, the Czech Republic, India, and the US; and monetary policy challenges faced by low-income countries and how inflation-forecast targeting can provide an anchor in countries with different economic structures and circumstances.

Mr. Luis Ignacio Jácome, Mr. Yan Carriere-Swallow, Mr. Hamid Faruqee, and Mr. Krishna Srinivasan


In the wake of the 2008–09 global financial crisis, central banking and monetary policy in many corners of the world came under intense pressure and entered unchartered waters. The breadth and scale of central bank operations have been modified or expanded in unprecedented and even unimaginable ways given the circumstances. Additionally, a fundamental rethinking of central banking and its policy frameworks has been taking place. This volume reflects a multilateral effort to help close the gap in our knowledge in meeting the critical challenges presented by these significant changes, in particular, those confronting central banks in Latin America. The volume’s first section provides a panoramic overview of the policy progress made to date and the challenges that lie ahead. The related issue of spillovers and monetary independence is taken up more fully in the next section. The final section presents chapters that reexamine macroprudential and monetary policies and policy frameworks from the perspective of central bank staff members from the region.

Hoe Ee Khor, Mr. Roger P. Kronenberg, and Ms. Patrizia Tumbarello


Pacific island countries face unique challenges to realizing their growth potential and raising living standards. This book discusses ongoing challenges facing Pacific island countries and policy options to address them. Regional cooperation and solutions tailored to their unique challenges, as well as further integration with the Asia and Pacific region will each play a role. With concerted efforts, Pacific island countries can boost potential growth, increase resilience, and improve the welfare of their citizens.

Mr. Paul Cashin and Rahul Anand