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Announcements and credibility under inflation targeting

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  • Demir, Banu
  • Yigit, Taner M.

Abstract

We inspect how inflation target announcements are instrumental in building central bank credibility and shaping inflation expectations. Investigating the role of announcements by using a time varying credibility measure, we find that both the accuracy and the frequency of inflation announcements have a positive impact on how much attention the public pays to target announcements.

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Bibliographic Info

Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 100 (2008)
Issue (Month): 2 (August)
Pages: 249-253

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Handle: RePEc:eee:ecolet:v:100:y:2008:i:2:p:249-253

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Web page: http://www.elsevier.com/locate/ecolet

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  1. Svensson, Lars E.O. & Faust, John, 1998. "Transparency and Credibility: Monetary Policy with Unobservable Goals," Seminar Papers, Stockholm University, Institute for International Economic Studies 636, Stockholm University, Institute for International Economic Studies.
  2. David Johnson, 2003. "The Effect of Inflation Targets on the Level of Expected Inflation in Five Countries," The Review of Economics and Statistics, MIT Press, vol. 85(4), pages 1076-1081, November.
  3. Arminio Fraga & Ilan Goldfajn & Andre Minella, 2003. "Inflation Targeting in Emerging Market Economies," NBER Working Papers 10019, National Bureau of Economic Research, Inc.
  4. Alex Cukierman, 1992. "Central Bank Strategy, Credibility, and Independence: Theory and Evidence," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262031981, December.
  5. Walsh, Carl E, 1999. "Announcements, Inflation Targeting and Central Bank Incentives," Economica, London School of Economics and Political Science, London School of Economics and Political Science, vol. 66(262), pages 255-69, May.
  6. Walsh, Carl E, 2003. " Accountability, Transparency, and Inflation Targeting," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 35(5), pages 829-49, October.
  7. Johnson, David R., 2002. "The effect of inflation targeting on the behavior of expected inflation: evidence from an 11 country panel," Journal of Monetary Economics, Elsevier, Elsevier, vol. 49(8), pages 1521-1538, November.
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Cited by:
  1. Zied Ftiti & Walid Hichri, 2014. "The Price Stability Under Inflation Targeting Regime : An Analysis With a New Intermediate Approach," Working Papers 2014-099, Department of Research, Ipag Business School.
  2. Roman Horváth & Jakub Matějů, 2011. "How Are Inflation Targets Set?," Working Papers IES, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies 2011/01, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Jan 2011.
  3. Yigit, Taner M., 2010. "Inflation targeting: An indirect approach to assess the direct impact," Journal of International Money and Finance, Elsevier, Elsevier, vol. 29(7), pages 1357-1368, November.
  4. Rodrigo Mariscal & Andrew Powell & Pilar Tavella, 2014. "On the Credibility of Inflation Targeting Regimes in Latin America," IDB Publications 86253, Inter-American Development Bank.

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