Inflation targeting and inflation performance: a comparative analysis

Anna Samarina · Mirre Terpstra · Jakob de Haan

65 citations0/0 files storedApplied Economics

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Monetary Policy and Economic Impact Global Financial Crisis and Policies Fiscal Policies and Political Economy

Abstract

This article examines how the impact of inflation targeting on inflation performance depends on the choice of country samples, adoption dates, time periods and methodological approaches. We apply two different estimation methods – difference-in-differences and propensity score matching – for our sample of 25 advanced and 59 emerging and developing countries over the period 1985 to 2011. Our findings suggest that distinguishing countries by economic development is crucial, as no effect of inflation targeting is found for advanced economies, whereas the results suggest a significant negative effect of inflation targeting on inflation in emerging and developing countries. The results are robust to the methodology used for the analysis.

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References

2008A New Measure of Financial Openness 2004The Modern History of Exchange Rate Arrangements: A Reinterpretation 1997Inflation forecast targeting: Implementing and monitoring inflation targets 2008Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence 2012International Journal of Central Banking 2003Does Inflation Targeting Matter?2006Inflation targeting in emerging economies: What do the data say?2008Does inflation targeting make a difference in developing countries?

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