An Empirical Analysis of the Social Welfare Brought about by Inflation Targeting: The Case of the U.K. (in Japanese)
New Keynesian Open-Economy Macroeconomics (NKOEM) presents theoretical proofs that inflation targeting can improve social welfare. We attempt to analyze inflation targeting in the U.K. empirically. First of all, we construct a cashless small open-economy model conforming to the NKOEM. We estimate the feedback rule, the structural parameters and identify shock processes to simulate the imaginary paths of an economy in the U.K. if the central bank had not adopted an inflation targeting policy. This simulation shows that social loss have been reduced.
Volume (Year): 175 (2005)
Issue (Month): (March)
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