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Exchange Rate Regimes and Inflation Persistence

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  • Michael Bleaney

    (International Monetary Fund)

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    Abstract

    Some empirical research has suggested that inflation is more persistent under floating exchange rates. Theoretically, we should expect a higher variance of inflation persistence across countries under floating rates, but not necessarily a higher mean. It is shown that estimates of inflation persistence are biased upwards by underfitting mean shifts in the sample. After correction for mean shifts, there is evidence of greater inflation persistence in the post-Bretton Woods period, but no evidence of variation across exchange rate regimes. Monetary growth has been much less accommodative of inflation since 1979, with no difference between EMS and non-EMS countries. Copyright 2001, International Monetary Fund

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    Bibliographic Info

    Article provided by Palgrave Macmillan in its journal IMF Staff Papers.

    Volume (Year): 47 (2001)
    Issue (Month): 3 ()
    Pages: 5

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    Handle: RePEc:pal:imfstp:v:47:y:2001:i:3:p:5

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    Cited by:
    1. Giuseppe Diana & Moïse Sidiropoulos, 2004. "Central Bank Independence, Speed of Disinflation and the Sacrifice Ratio," Open Economies Review, Springer, Springer, vol. 15(4), pages 385-402, October.
    2. Jiranyakul, Komain, 2013. "Exchange Rate Regimes and Persistence of Inflation in Thailand," MPRA Paper 50109, University Library of Munich, Germany.
    3. Michael Bleaney & Manuela Francisco, 2005. "Inflation persistence and exchange rate regimes: evidence from developing countries," Economics Bulletin, AccessEcon, vol. 6(2), pages 1-15.
    4. Athanasios Papadopoulos & Giuseppe Diana & Moise Sidiropoulos, 2005. "Central Bank Reform and Inflation Dynamics in the Transition Economies theory and some evidence," Money Macro and Finance (MMF) Research Group Conference 2005, Money Macro and Finance Research Group 58, Money Macro and Finance Research Group.
    5. Bleaney, Michael & Fielding, David, 2002. "Exchange rate regimes, inflation and output volatility in developing countries," Journal of Development Economics, Elsevier, Elsevier, vol. 68(1), pages 233-245, June.
    6. repec:ebl:ecbull:v:6:y:2005:i:2:p:1-15 is not listed on IDEAS

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