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Has inflation targeting had any impact on inflation?

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Author Info

  • ALVARO ANGERIZ
  • PHILIP ARESTIS

Abstract

This paper deals with the empirical aspects of the "new" monetary policy framework, known as "inflation targeting." Applying intervention analysis to structural time-series models, new empirical evidence is produced in the case of ten countries. These results demonstrate that in terms of its initial impact on inflation, the empirical evidence suggests that central banks that have pursued this strategy have not been successful.

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File URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=80XY3EGXNY73JUBQ
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Bibliographic Info

Article provided by M.E. Sharpe, Inc. in its journal Journal of Post Keynesian Economics.

Volume (Year): 28 (2006)
Issue (Month): 4 (July)
Pages: 559-571

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Handle: RePEc:mes:postke:v:28:y:2006:i:4:p:559-571

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Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=109348

Related research

Keywords: inflation targeting; intervention analysis; monetary policy; structural time-series models;

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Cited by:
  1. P Arestis & A Mihailov, 2009. "Flexible Rules cum Constrained Discretion: A New Consensus in Monetary Policy," Economic Issues Journal Articles, Economic Issues, vol. 14(2), pages 27-54, September.
  2. Hein, Eckhard & Schoder, Christian, 2009. "Interest rates, distribution and capital accumulation – A Post-Kaleckian perspective on the US and Germany," MPRA Paper 18223, University Library of Munich, Germany.
  3. Rathin Roy & Raquel Almeida Ramos, 2012. "IMF Article IV Reports: An Analysis of Policy Recommendations," Working Papers 86, International Policy Centre for Inclusive Growth.
  4. Montes, Gabriel Caldas & Feijó, Carmem Aparecida, 2009. "Decisão de preços em economias monetárias e metas de inflação: a difícil conciliação entre crescimento e estabilidade de preços," Revista Economia e Sociedade, Instituto de Economia, Universidade Estadual de Campinas (UNICAMP), vol. 38, pages 23, December.
  5. Montes, Gabriel Caldas, 2009. "Política monetária, inflação e crescimento econômico: a influência da reputação da autoridade monetária sobre a economia," Revista Economia e Sociedade, Instituto de Economia, Universidade Estadual de Campinas (UNICAMP), vol. 37, pages 23, August.

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