2011年通货膨胀外文翻译--新兴市场的通胀目标和实际汇率（节选）

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1、3400 英文单词， 19500英文字符 ， 中文 6100 字 文献出处： Aizenman J, Hutchison M, Noy I. Inflation targeting and real exchange rates in emerging marketsJ. World Development, 2011, 39(5): 712-724. Ination Targeting and Real Exchange Rates in Emerging Markets JOSHUA AIZENMAN, MICHAEL HUTCHISON， ILAN NOY Summary We inve

2、stigate ination targeting (IT) in emerging markets, focusing on the role of the real exchange rate and the distinction between commodity and non-commodity exporters. IT emerging markets appear to follow a mixed strategy whereby both ination and real exchange rates are important determinants of polic

3、y interest rates. The response to real exchange rates, however, is more constrained than in non-IT regimes. We also nd that the response to real exchange rates is strongest in those countries following IT policies that are relatively intensive in exporting basic commodities; and present a theoretica

4、l model that explains these empirical results. Key words： ination targeting, Taylor rule, real exchange rate, commodity export 1. INTRODUCTION Ination targeting is becoming a standard operating procedure for central banks around the world. By mid-2008, most central banks in the OECD countries and a

5、growing number of developing economies had adopted ination targeting. There is no international coordination to promote this monetary regime change, and countries do not join an internationally recognized monetary system nor follow common rules of the game. Adopters of ination targeting do so primar

6、ily because of the frameworks perceived success in delivering low and stable ination. Despite its popularity, there is substantial controversy and mixed empirical evidence in the evaluation of the ination-targeting framework. There are two main empirical approaches. The rst approach focuses on the macro-economic outcomes of countries following ination-targeting regimes as compared to non-targeting countries. Although few argue that ination targeting has harmful effects, ther