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Inflation Targeting and Credibility: A Note on the Recent Empirical Literature

Author

Listed:
  • Tronzano , Marco

    (Università degli Studi di Genova, Dipartimento di Economia e Metodi Quantitativi)

Abstract

This paper surveys the empirical literature assessing the credibility of monetary policy inside an inflation targeting regime. A basic distinction is drawn between contributions relying on indirect or direct approaches. Whereas the former group of studies exhibits a common drawback, the latter appears better suited to provide a quantitative assessment about the credibility effects associated with this policy rule. Drawing on the existing literature, we outline a promising direction for future research, based on an extension of Svensson (1994) “simplest test” of inflation target credibility inside a Bayesian econometric framework.

Suggested Citation

  • Tronzano , Marco, 2005. "Inflation Targeting and Credibility: A Note on the Recent Empirical Literature," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 58(4), pages 489-506.
    • Handle: RePEc:ris:ecoint:0099
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    Citations

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    Cited by:

    1. Cem Cakmakli & Selva Demiralp, 2020. "A Dynamic Evaluation of Central Bank Credibility," Koç University-TUSIAD Economic Research Forum Working Papers 2015, Koc University-TUSIAD Economic Research Forum.
    2. Gianni Amisano & Marco Tronzano, 2010. "Assessing European Central Bank'S Credibility During The First Years Of The Eurosystem: A Bayesian Empirical Investigation," Manchester School, University of Manchester, vol. 78(5), pages 437-459, September.
    3. Gianni Amisano & Marco Tronzano, 2005. "Assessing ECB?s Credibility During the First Years of the Eurosystem: A Bayesian Empirical Investigation," Working Papers ubs0512, University of Brescia, Department of Economics.
    4. de Freitas Val, Flávio & Klotzle, Marcelo Cabus & Pinto, Antonio Carlos Figueiredo & Gaglianone, Wagner Piazza, 2017. "Estimating the credibility of Brazilian monetary policy using a Kalman filter approach," Research in International Business and Finance, Elsevier, vol. 41(C), pages 37-53.
    5. Flávio de Freitas Val & Wagner Piazza Gaglianone & Marcelo Cabus Klotzle & Antonio Carlos Figueiredo Pinto, 2017. "Estimating the Credibility of Brazilian Monetary Policy using Forward Measures and a State-Space Model," Working Papers Series 463, Central Bank of Brazil, Research Department.

    More about this item

    Keywords

    Inflation Targeting; Monetary Policy; Credibility;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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