ABSTRACT. Goodfriend and Prasad state that money would not constitute a good stand-alone nominal anchor for an economy that is undergoing major structural changes and financial innovations. According to Mariano and Villanueva, for inflation targeting emerging market economies, given (i) the deflationary force of China's recent developments, (ii) globalization, and (iii) the increased sophistication of modern monetary policy in controlling inflation, the efficacy of IT used in small open economies is an open question. Taylor maintain that central banks, reflecting a greater focus on inflation, started adjusting their policy interest rates in response to inflation by much larger amounts and more quickly.



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