In lowering inflationary expectations, inflation targeting can itself help reduce inflationary pressures. One can also rationalize inflation targeting through another form of economic reasoning. Some years ago many believed, along with Milton Friedman, that stabilizing the growth of the money supply would lead to stable prices.
But this only happens in the case of countries with comparable economic structures. In this case, however, the exchange rates of the advanced countries tend to fall compared with those of emerging countries, because of higher productivity growth in the latter group.