<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0120-4483</journal-id>
<journal-title><![CDATA[Ensayos sobre POLÍTICA ECONÓMICA]]></journal-title>
<abbrev-journal-title><![CDATA[Ens. polit. econ.]]></abbrev-journal-title>
<issn>0120-4483</issn>
<publisher>
<publisher-name><![CDATA[Banco de la República]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0120-44832018000100007</article-id>
<article-id pub-id-type="doi">10.32468/espe.8501</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Inflation Targeting in Emerging Economies]]></article-title>
<article-title xml:lang="es"><![CDATA[Inflación Objetivo en Economías Emergentes]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Walker]]></surname>
<given-names><![CDATA[Todd B.]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Indiana University Department of Economics ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>USA</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>01</month>
<year>2018</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>01</month>
<year>2018</year>
</pub-date>
<volume>36</volume>
<numero>spe85</numero>
<fpage>7</fpage>
<lpage>20</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0120-44832018000100007&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0120-44832018000100007&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0120-44832018000100007&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract I document the decline in the rate of inflation in 14 emerging economies after the implementation of an inflation targeting (IT) regime. I briefly describe how each country implements the IT, and argue that the new regime forced policy coordination amongst various governmental units, allowed for a more singular focus, and more transparent policy making process. This allowed agents to better coordinate expectations which precipitated the decline in the rate of inflation. I also document the difficulty with hitting a precise inflation target over a short period of time in the same countries. A model of policy coordination is presented to show how inflation is determined by joint behavior of monetary and fiscal policies. JEL Classification: C11, C32, E62, H39.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Documento el descenso de la tasa de inflación después de la implementación del régimen de Inflación Objetivo (OI) en 14 economías emergentes. Describo brevemente cómo cada país implementó IO y argumento que el nuevo régimen forzó una coordinación de políticas entre varios entes gubernamentales, esto último facilitado por un proceso de toma de decisiones más transparente y con un enfoque más puntual. Esto permitió que los agentes económicos coordinaran mejor sus expectativas induciendo así una reducción en la tasa de inflación. Para los mismos países, también documento la dificultad de acertar a una meta de inflación precisa en un corto período de tiempo. Para mostrar cómo la inflación está determinada por la acción conjunta de las políticas fiscal y monetaria, presento un modelo de coordinación de políticas. Clasificación JEL: C11, C32, E62, H39.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Inflation Targeting]]></kwd>
<kwd lng="en"><![CDATA[Emerging Economies]]></kwd>
<kwd lng="es"><![CDATA[Inflación objetivo]]></kwd>
<kwd lng="es"><![CDATA[Economías emergentes]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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