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L'adoption du ciblage d'inflation produit-elle un changement de régime ?. Le cas de la Suède

Listed author(s):
  • Jérôme Creel
  • Paul Hubert

We study inflation targeting’s impact in Sweden over time and whether its adoption has constituted a regime switch using a msvar technique. We assess, based on two different specifications, the two main features generally attributed to it: the preference for inflation in the monetary reaction function and the stabilisation of the macroeconomic environment. Results are threefold. First, it has prompted a lower emphasis on inflation. Second, a switch has clearly appeared since it adoption where uncertainty has been reduced. These results are visible on a stable sample, after inflation has been tamed, and robust to a comparison with a non-it country: the us. Last, counterfactuals suggest this framework provides higher monetary policy leeway. Classification JEL : E52 ; E58

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Article provided by Presses de Sciences-Po in its journal Revue économique.

Volume (Year): 60 (2009)
Issue (Month): 3 ()
Pages: 727-735

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Handle: RePEc:cai:recosp:reco_603_0727
Contact details of provider: Web page: http://www.cairn.info/revue-economique.htm

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