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An Investigation of Output Variance Before and During Inflation Targeting

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  • Francisco Nadal-De Simone

Abstract

Since Taylor estimated a trade-off between inflation and output variance, it has been widely accepted that efforts to keep the inflation rate “too low and stable” will likely result in relatively larger output fluctuations. Following the generalized reduction in inflation variance in the 1990s, that concern was rekindled. This study estimates whether conditional output variance has changed in a sample of 12 countries. With the possible exception of Canada, there is no evidence of an increase in output variance. Either output variance has not changed (i.e., in Korea and Singapore) or has fallen (i.e., in Australia and New Zealand).

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 01/215.

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Length: 27
Date of creation: 01 Dec 2001
Date of revision:
Handle: RePEc:imf:imfwpa:01/215

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Related research

Keywords: Inflation targeting; Production; Economic models; Monetary policy; inflation; reduction in inflation; inflation-targeting; real output; central bank; monetary fund; lower inflation; monetary policy rules; annual inflation; cost-push inflation; inflation targeting framework; inflation rate; monetary policy frameworks; average inflation; price stability; price level; fall in inflation; discretionary monetary policy; monetary aggregates; inflation preferences; inflation rates; monetary shocks; monetary growth; real variables;

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Cited by:
  1. Marjan Petreski, 2012. "Output Volatility and Exchange Rate Considerations Under Inflation Targeting : A Review," International Journal of Economics and Financial Issues, Econjournals, vol. 2(4), pages 528-537.
  2. Robert Buckle & David Haugh & Peter Thomson, 2003. "Calm after the storm? Supply-side contributions to New Zealand's GDP volatility decline," New Zealand Economic Papers, Taylor & Francis Journals, vol. 37(2), pages 217-243.
  3. Grand Nathalie & Dropsy Vincent, 2005. "Exchange Rate And Inflation Targeting In Morocco And Tunisia," Macroeconomics 0507018, EconWPA.
  4. Yifan Hu, 2003. "Empirical Investigations of Inflation Targeting," Working Paper Series WP03-6, Peterson Institute for International Economics.

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