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F. Kydland and E. Prescott, “Rules Rather Than Discretion: The Inconsistency of Optimal Plans,” Journal of Political Economy, Vol. 85, No. 3, 1977, pp. 473492.

has been cited by the following article:

• TITLE: An Inflation Targeting Regime in Egypt: A Feasible Option?

  AUTHORS: Tarek Ghalwash

  KEYWORDS: Inflation Targeting, Monetary Regimes, Granger Causality Test

  JOURNAL NAME: Modern Economy, Vol.1 No.2, August 27, 2010

  ABSTRACT: This paper addresses first whether scientific evidence—theoretical and empirical—exists to support the inflation targeting regime and, secondly whether inflation target is worthwhile for Egypt. The method in this paper builds on a literature review of the theoretical and empirical research in the field of economics. Our conclusion shows that there is incomplete evidence from a number of countries supporting the inflation targeting regime as an effective monetary policy framework for the achievement of macroeconomic stability. The paper concludes that the Central Bank of Egypt and the Egyptian economy is not yet ready for the implementation of an inflation targeting regime.