How should a central bank organize itself to produce the best possible inflation forecast? This paper discusses elements for building a comprehensive platform for an inflation forecasting framework. It describes the exercise of forecasting inflation as a production process, which induces a...

The shift to an inflation targeting regime has contributed to the relatively low inflation observed in some emerging market economies even where, as noted by many economists, the preconditions for successful implementation were not in place. The existence of managed exchange rate regimes, a...