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Inflation Targeting as a Framework for Monetary Policy: A Cross-Country Analysis

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  • William Seyfried
  • Dale Bremmer
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    Abstract

    This study makes use of a dynamic Taylor-type model to examine the conduct of monetary policy by central banks that profess to engage in inflation targeting. Previous research regarding inflation targeting and Taylor-type rules is reviewed and a dynamic Taylor-type model is developed. Tests for regime shifts upon the adoption of inflation targeting indicate a significant change in policy in each of the nations in the study for which sufficient data were available. Next, the central bank reaction functions were estimated. Results suggest that most of the central banks conducted a policy of inflation targeting by seeking to contain inflationary pressures rather than reacting to current inflation. Copyright 2003 The University of Melbourne, Melbourne Institute of Applied Economic and Social Research.

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    Bibliographic Info

    Article provided by The University of Melbourne, Melbourne Institute of Applied Economic and Social Research in its journal The Australian Economic Review.

    Volume (Year): 36 (2003)
    Issue (Month): 3 ()
    Pages: 291-299

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    Handle: RePEc:bla:ausecr:v:36:y:2003:i:3:p:291-299

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    Cited by:
    1. Raghbendra Jha, 2005. "Inflation Targeting in India: Issues and Prospects," ASARC Working Papers 2005-04, The Australian National University, Australia South Asia Research Centre.
    2. Paul Hubert, 2010. "Monetary Policy, Imperfect Information and the Expectations Channel," Sciences Po publications info:hdl:2441/f4rshpf3v1u, Sciences Po.
    3. repec:spo:wpecon:info:hdl:2441/f4rshpf3v1umfa09lat09b1bg is not listed on IDEAS
    4. Metin Ozdemir & Selim Tuzunturk, 2009. "Is price stability enough? Macroeconomic performance of inflation targeting in developing countries," International Journal of Sustainable Economy, Inderscience Enterprises Ltd, vol. 1(4), pages 352-372.

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