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Les cibleurs d'inflation sont-ils monomaniaques ?

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  • Grégory Levieuge
  • Yannick Lucotte

Abstract

This article investigates whether the inflation targeting strategy implies in fact a higher degree of conservatism than other monetary policy regimes. To this end, we use an original indicator of Central Banks? conservatism, based on the Taylor Curve, as suggested by Levieuge and Lucotte [2013]. Estimations based on the propensity score matching method indicate that inflation targeters have a significantly higher relative preference for inflation stabilization than non-targeters. This questions the inflation targeting strategy in that the recent financial turmoil has shown that price stability is not a sufficient condition to ensure macroeconomic and financial stability.

Suggested Citation

  • Grégory Levieuge & Yannick Lucotte, 2013. "Les cibleurs d'inflation sont-ils monomaniaques ?," Revue française d'économie, Presses de Sciences-Po, vol. 0(4), pages 49-81.
    • Handle: RePEc:cai:rferfe:rfe_134_0049
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    Cited by:

    1. Levieuge, G. & Lucotte, Y. & Pradines-Jobet, F., 2019. "Central banks’ preferences and banking sector vulnerability," Journal of Financial Stability, Elsevier, vol. 40(C), pages 110-131.
    2. Abdelkader Aguir, 2017. "Stability and Economic Performance of the Inflation-Targeting Policy Facing the Crisis," International Journal of Economics and Financial Issues, Econjournals, vol. 7(4), pages 448-452.

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