Has inflation targeting had any impact on inflation?
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.
Volume (Year): 28 (2006)
Issue (Month): 4 (July)
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