NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Inflation Targeting and Real Exchange Rates in Emerging Markets

Joshua Aizenman, Michael Hutchison, Ilan Noy

NBER Working Paper No. 14561
Issued in December 2008

---- Acknowledgements -----

We thank Mahir Binici, Nan Geng, Gurnain Kaur Pasricha and Kulakarn Tantitemit for helpful research assistance and to Scott Roger and Mark Stone for providing data. We are grateful to two anonymous referees of this journal for helpful comments. We also thank participants of the Research Seminar of the IMF, especially Herman Kamil; participants of the Third NIPFA-DEA Program Meeting on Capital Flows Conference in New Delhi, especially our discussant Vincent Coen; and participants at a seminar at the University of Victoria, Canada, for helpful comments. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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