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Résultats empiriques multi-pays relatifs à l'impact des cibles d'inflation sur la crédibilité de la politique monétaire

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  • Pierre St-Amant
  • David Tessier

Abstract

In this article, we discuss the recent literature analyzing the experience of countries having adopted inflation targets and provide some simple statistical tests for determining the link between the adoption of inflation targets and the credibility of monetary policy. The literature survey and empirical results lead us to conclude that certain statistical properties of inflation may have changed in recent years, and that monetary policy seems to have become more credible in a number of countries, including Canada. Yet the available data do not allow us to conclude with any certainty that explicit inflation targets have played a significant role in these changes.

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Bibliographic Info

Article provided by University of Toronto Press in its journal Canadian Public Policy.

Volume (Year): 26 (2000)
Issue (Month): 3 (September)
Pages: 295-310

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Handle: RePEc:cpp:issued:v:26:y:2000:i:3:p:295-310

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References

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  1. Francisco J. Ruge-Murcia, 2001. "Inflation Targeting Under Asymmetric Preferences," Banco de Espa�a Working Papers 0106, Banco de Espa�a.
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  20. Thomas Laubach & Adam Posen, 1997. "Some comparative evidence on the effectiveness of inflation targeting," Research Paper 9714, Federal Reserve Bank of New York.
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Citations

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Cited by:
  1. Pierre Fortin, 2003. "Can Monetary Policy Make a Difference for Economic Growth and Inequality?," Canadian Public Policy, University of Toronto Press, vol. 29(s1), pages 223-232, January.
  2. Jamie Armour, 2006. "An Evaluation of Core Inflation Measures," Working Papers 06-10, Bank of Canada.
  3. NGUENA, Christian L., 2012. "Objectif de Lutte contre l’Inflation et Croissance Economique en Afrique: la Nécessité d’une Alternative
    [Fighting against Inflation and economic growth in Africa: A necessity of alternative]
    ," MPRA Paper 49416, University Library of Munich, Germany, revised 19 Apr 2013.
  4. Virginie Traclet, 2004. "Monetary and Fiscal Policies in Canada: Some Interesting Principles for EMU?," Working Papers 04-28, Bank of Canada.
  5. Lalonde, René & Page, Jennifer & St-Amant, Pierre, 1998. "Une nouvelle méthode d'estimation de l'écart de production et son application aux États-Unis, au Canada et à l'Allemagne," Working Papers 98-21, Bank of Canada.
  6. Hogan, Seamus & Marianne Johnson & Thérèse Laflèche, 2001. "Core Inflation," Technical Reports 89, Bank of Canada.
  7. NGUENA, Christian L., 2012. "Objectif de Stabilité des Prix et Croissance Economique en Zone CEMAC: Une Approche en Données de Panel
    [Price Stability Objectives and Economic Growth: A Panel Data Econometrics Empirical Invest
    ," MPRA Paper 49412, University Library of Munich, Germany, revised 09 Feb 2013.

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