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A experiência internacional de regimes de metas de inflação: uma análise com painel dinâmico [International experience in inflation targeting regimes: an analysis with a dynamic panel]

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Author Info
Marcos Rocha (UFPR)
José Luís Oreiro (UFPR)

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Abstract

This paper uses a growth model with dynamic panel techniques in order to investigate how (and if) the institutional architecture of inflation targeting regimes affects the growth performance of the countries that adopt this kind of monetary policy. The sample used to build the panel consists of 23 countries that officially adopted the inflation targeting regime. The Arellano and Bond (1991) methodology is used to estimate the parameters of the dynamic growth model. The results support the view that the adoption of headline inflation indices, since it is a index of strong credibility; the definition of a convergence horizon for target inflation larger than a year; and the capability of central banks to achieve the target inflation have positive and important effects over growth performance of selected countries.

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Publisher Info
Article provided by Economics Department, Universidade Federal de Minas Gerais (Brazil) in its journal Nova Economia.

Volume (Year): 18 (2008)
Issue (Month): 2 (May-August)
Pages: 267-291
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Handle: RePEc:nov:artigo:v:18:y:2008:i:2:p:267-291

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Postal: Av. Antonio Carlos, 6627 - Predio da FACE Belo Horizonte, 31270-901 Brazil
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Related research
Keywords: dynamic panels; inflation targeting; monetary policies;

Find related papers by JEL classification:
C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data
F31 - International Economics - - International Finance - - - Foreign Exchange
F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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This page was last updated on 2009-11-13.

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