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Who chooses to inflation target?

  • Gonçalves, Carlos Eduardo S.
  • Carvalho, Alexandre

In this article, we seek what are the factors behind a country's decision to move to Inflation Targeting. We find that high past inflation, low debt levels and the absence of a nominal exchange rate anchor increase the probability that a country will end up opting for it.

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File URL: http://www.sciencedirect.com/science/article/B6V84-4PP771Y-2/1/25f54e8987ee084192c229417d5d7398
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Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 99 (2008)
Issue (Month): 2 (May)
Pages: 410-413

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Handle: RePEc:eee:ecolet:v:99:y:2008:i:2:p:410-413
Contact details of provider: Web page: http://www.elsevier.com/locate/ecolet

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  1. Carmen M. Reinhart & Kenneth S. Rogoff, 2004. "The Modern History of Exchange Rate Arrangements: A Reinterpretation," The Quarterly Journal of Economics, MIT Press, vol. 119(1), pages 1-48, February.
  2. Alex Cukierman & Steven Webb, 1995. "Political Influence on the Central Bank- International Evidence," University of Chicago - George G. Stigler Center for Study of Economy and State 114, Chicago - Center for Study of Economy and State.
  3. Eijffinger, S-C-W & de Haan, J, 1996. "The Political Economy of Central-Bank Independence," Princeton Studies in International Economics 19, International Economics Section, Departement of Economics Princeton University,.
  4. Ben S. Bernanke & Frederic S. Mishkin, 1997. "Inflation Targeting: A New Framework for Monetary Policy?," NBER Working Papers 5893, National Bureau of Economic Research, Inc.
  5. Laurence Ball & Niamh Sheridan, 2003. "Does Inflation Targeting Matter?," NBER Working Papers 9577, National Bureau of Economic Research, Inc.
  6. de Haan, Jakob & van 't Hag, Gert Jan, 1995. " Variation in Central Bank Independence across Countries: Some Provisional Empirical Evidence," Public Choice, Springer, vol. 85(3-4), pages 335-51, December.
  7. Niamh Sheridan & Laurence M. Ball, 2003. "Does Inflation Targeting Matter?," IMF Working Papers 03/129, International Monetary Fund.
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