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Effectiveness and Commitment to Inflation Targeting Policy: Evidences from Indonesia and Thailand

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Author Info
Siregar, Reza.Y.
Goo, Siwei

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Abstract

The chief objective of our paper is to highlight basic features of the IT policies adopted by Indonesia and Thailand, and to evaluate the commitment of the monetary authorities and the overall performances of the IT regime. The results demonstrate that the IT regime in these two economies has had some success, but not during the immediate aftermath of the Lehman Brothers’ collapse in the last quarter of 2008. Furthermore, the implementations of the IT policy in these two Southeast Asian economies have largely been “flexible” during the stable period, seeking the balance between narrowing output gap, managing exchange rate volatility, and anchoring inflationary pressure. However during the turbulent period, there had been a heightened focus in anchoring inflationary expectation.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 17271.

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Date of creation: 13 Sep 2009
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Handle: RePEc:pra:mprapa:17271

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Related research
Keywords: Inflationary Expectation; Output Gap; Inflation Targeting; Pass-through; Monetary Policy Rule.;

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Find related papers by JEL classification:
E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
F31 - International Economics - - International Finance - - - Foreign Exchange
F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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