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Difficulties in inflation measurement and monetary policy in emerging market economies

Making sound monetary policy in an economy requires good understanding of the inflationunemployment and inflation-growth rate relationships. Similarly, the output growth-interest rate trade-off should be well understood to establish an appropriate Taylor rule. The prerequisite to all of these is having a perspective on the stable growth potential for the economy. However, for emerging market economies (EMEs) potential growth is hard to determine, due to the Solow’s convergence process in general, and to the computing and information technology (CIT) growth wave that the world economy has been experiencing for a while.