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Adopción de metas de inflación y su impacto en las expectativas de inflación y volatilidad del crecimiento económico: evidencia empírica para Bolivia
[Inflation targeting and its impact on the inflation expectations and economic growth volatility: an empirical assessment for Bolivia]

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  • Valdivia, Daney
  • Loayza, Lilian

Abstract

Introduction of inflation targeting has global effects on dynamic of prices and economic growth. In case of a developing country with an increasing remonetization since 2007 – 2008 and modest growing later than 2009 it’s important to assess the adoption of a new regime and how it helps to both control inflation dynamics and expectations; and how it stabilize the business cycle of economic growth. In order to assess inflation targeting we use the methodology applied by Vega and Winkelried (2006). Results have shown that in case of the Bolivian economy the adoption of the regime is significant. In this sense, implementation of inflation targeting reduces monthly inflation expectations, -7.33% and its structural component in -1.02%. At the same time, the variance of output reduces -1.2%.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 37328.

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Date of creation: 18 Nov 2010
Date of revision: 25 Aug 2011
Handle: RePEc:pra:mprapa:37328

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Keywords: Inflation targeting; propensity score; economic growth;

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  1. Arjun Jayadev, . "The Class Content of Preferences Towards Anti-Inflation and Anti Unemployment Policies," Working Papers 8, University of Massachusetts Boston, Economics Department.
  2. Martin Melecky & Diego Rodríguez Palenzuela & Ulf Söderström, 2008. "Inflation Target Transparency and the Macroeconomy," Working Papers Central Bank of Chile 490, Central Bank of Chile.
  3. Jose De Gregorio & Eric Parrado, 2006. "Overshooting Meets Inflation Targeting," Working Papers Central Bank of Chile 394, Central Bank of Chile.
  4. Marco Vega & Diego Winkelried, 2006. "¿Cambia la Inflación Cuando los Países Adoptan Metas Explícitas de Inflación?," Working Papers 2006-001, Banco Central de Reserva del Perú.
  5. Robert Pollin & Andong Zhu, 2006. "Inflation and economic growth: a cross-country nonlinear analysis," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 28(4), pages 593-614, July.
  6. George A. Kahn & Klara Parrish, 1998. "Conducting monetary policy with inflation targets," Economic Review, Federal Reserve Bank of Kansas City, issue Q III, pages 5-32.
  7. Guy Debelle & Miguel A. Savastano & Paul R. Masson & Sunil Sharma, 1998. "Inflation Targeting as a Framework for Monetary Policy," IMF Economic Issues 15, International Monetary Fund.
  8. Michael Pedersen, 2010. "Una nota introductoria a la encuesta de Expectativas Económicas," Economic Statistics Series 82, Central Bank of Chile.
  9. Schmidt-Hebbel, Klaus & Tapia, Matias, 2002. "Inflation targeting in Chile," The North American Journal of Economics and Finance, Elsevier, vol. 13(2), pages 125-146, August.
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