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Has inflation targeting had any impact on inflation?

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  • ALVARO ANGERIZ
  • PHILIP ARESTIS

Abstract

This paper deals with the empirical aspects of the "new" monetary policy framework, known as "inflation targeting." Applying intervention analysis to structural time-series models, new empirical evidence is produced in the case of ten countries. These results demonstrate that in terms of its initial impact on inflation, the empirical evidence suggests that central banks that have pursued this strategy have not been successful.

Suggested Citation

  • Alvaro Angeriz & Philip Arestis, 2006. "Has inflation targeting had any impact on inflation?," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 28(4), pages 559-571.
  • Handle: RePEc:mes:postke:v:28:y:2006:i:4:p:559-571 DOI: 10.2753/PKE0160-3477280402
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    References listed on IDEAS

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    Cited by:

    1. Raúl G. Sanchis, 2012. "Trying to escape the Malaise State in the future A macroeconomic design to hinder another Great Recession which risks the Welfare State
      [Tratando de escapar al Estado del Malestar en el futuro Un d
      ," Working Papers del Instituto Complutense de Estudios Internacionales 1205, Universidad Complutense de Madrid, Instituto Complutense de Estudios Internacionales.
    2. Eckhard Hein & Engelbert Stockhammer, 2010. "Macroeconomic Policy Mix, Employment and Inflation in a Post-Keynesian Alternative to the New Consensus Model," Review of Political Economy, Taylor & Francis Journals, vol. 22(3), pages 317-354.
    3. Valera, Harold Glenn A. & Holmes, Mark J. & Hassan, Gazi M., 2017. "How credible is inflation targeting in Asia? A quantile unit root perspective," Economic Modelling, Elsevier, vol. 60(C), pages 194-210.
    4. Eckhard Hein & Christian Schoder, 2011. "Interest rates, distribution and capital accumulation -- A post-Kaleckian perspective on the US and Germany," International Review of Applied Economics, Taylor & Francis Journals, vol. 25(6), pages 693-723, November.
    5. repec:eee:empfin:v:44:y:2017:i:c:p:108-124 is not listed on IDEAS
    6. P Arestis & A Mihailov, 2009. "Flexible Rules cum Constrained Discretion: A New Consensus in Monetary Policy," Economic Issues Journal Articles, Economic Issues, vol. 14(2), pages 27-54, September.
    7. Rathin Roy & Raquel Almeida Ramos, 2012. "IMF Article IV Reports: An Analysis of Policy Recommendations," Working Papers 86, International Policy Centre for Inclusive Growth.
    8. Philip Arestis & Alexander Mihailov, 2007. "Flexible Rules cum Constrained Discretion: A New Consensus in Monetary Policy," Economic Analysis Research Group Working Papers earg-wp2007-13, Henley Business School, Reading University.
    9. Montes, Gabriel Caldas, 2009. "Política monetária, inflação e crescimento econômico: a influência da reputação da autoridade monetária sobre a economia," Revista Economia e Sociedade, Instituto de Economia, Universidade Estadual de Campinas (UNICAMP), vol. 37, pages 1-23, August.
    10. repec:rdg:wpaper:em-dp2007-53 is not listed on IDEAS
    11. Ayres, Kelly & Belasen, Ariel R. & Kutan, Ali M., 2014. "Does inflation targeting lower inflation and spur growth?," Journal of Policy Modeling, Elsevier, vol. 36(2), pages 373-388.
    12. repec:ucm:wpaper:05-12 is not listed on IDEAS

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